Stocks rose Friday after Federal Reserve Chair Jerome Powell again pushed back against speculation of steeper interest-rate hikes and as cryptocurrencies rebounded from a plunge that has captivated markets. An Asian share gauge climbed over 1.5%, aided by rallies in technology stocks in China and Japan, where SoftBank Group Corp. surged. US and European futures advanced after an intraday rebound left the S&P 500 little changed. Abating panic in the highly speculative cryptocurrency market may be helping sentiment. Bitcoin added about $1,700 to top $30,000. Powell reaffirmed the Fed is likely to raise rates by a half point at each of its next two meetings and isn’t “actively considering” a 75 basis-point move. A dollar gauge dipped but remains on course for its longest streak of weekly gains since 2018. Treasuries gave back some of their recent rally, taking the 10-year yield to about 2.89%. The yen retreated. Powell left open the possibility of doing more if needed to get high inflation under control. Concerns that tightening monetary policy will spark an economic downturn continue to shadow markets and have tended to snuff out rebounds. China’s Covid lockdowns and Russia’s war in Ukraine have also roiled a range of assets this year, leaving world shares near a bear market. In China, Beijing officials denied the city will be locked down. Shanghai said it plans to achieve “no community spread” of the virus by mid-May. Oil prices scaled $107 a barrel and wheat prices rallied, partly as the war continues to impact commodities. European Union nations say it may be time to consider delaying a push to ban Russian oil if the bloc can’t persuade Hungary to back the embargo. Wheat production in Ukraine, one of the biggest growers, will fall by one-third compared to last year, according to a US forecast. US After Hours AFRM +27.7%, TOST +4.1% higher on earnings; HOOD jumps +23.9% as fund takes 7.6% stake; FIGS -27.1%, NEWR -9.8%, TBLA -8.8% fall on earnings
Nikkei +2.50% Hang Sneg +2% CSI +0.40% Shanghai +0.56% Shenzen +0.03%
Eur$ 1.0391 CNH 6.8172 CNY 6.7952 JPY 128.98 GBP 1.2214 CHF 1.0026 RUB 64.4240 TRY 15.4153 WTI$ 107.96 +1.71% Gold 1,826.84 +0.28% XBT 30,329 +6.25% ETH 2,075,50 +7.88%
S&P +1.02% Nasdaq +1.48% EuroStoxx +1.20% FTSE +0.94% Dax +1.13% SMI +0.13%
Macro :
- Crypto-Market Panic Subsides With Prices, Tether Stabilizing
- Hedge fund Arca says it’s solvent despite blowup rumors
- Here Is the Full List of EMEA Stocks in MSCI’s May Review
- EU Parliamentarian Welcomes Tech Antitrust Push in Congress
Keep an eye on :
- ACS SM : ACS 1Q Net Income Misses Estimates
- ANA SM : Acciona Reiterates Outlook for 2022
- AAPL US : Pegatron Cuts 2Q Shipments Forecast Due to China Lockdowns
- ATL IM : Atlantia BOD Names BNP, Morgan Stanley as Financial Advisers
- ATL IM : Atlantia 1Q Net Income EU344M Vs. Loss EU97M Y/y
- AUSS NO : Austevoll Seafood 1Q Ebit Misses Estimates
- POST AV : Austrian Post 1Q Ebit Misses Estimates
- BATS LN : British American Tobacco: FDA Authorized Some Vuse Vibe, Ciro
- EN FP : Bouygues Signs Equans Share Purchase Agreement With Engie
- AFX GY : Carl Zeiss Meditec 1H Ebit Margin 20.7% Vs. 21.2% Y/y
- CEC GY : Ceconomy Confirms FY Forecast, Reduces 2Q Adjusted Ebit Loss
- DTE GY : Deutsche Telekom Sees FY Adj. EBITDA AL Above EU36.6B
- DOV IM : doValue 1Q Adjusted Ebitda EU39.3M Vs. EU38.7M Y/y
- EDF FP : UK Starts £120 Million Fund to Develop Nuclear Power Technology
- ENGI FP : Bouygues Signs Equans Share Purchase Agreement With Engie
- ENI IM : Italy’s Eni Set to Make Gazprom Payment Due by the End of May
- ETL FP : Eutelsat 3Q Revenue Beats Estimates
- FORTUM FH : Gazprom, Inter RAO May Seek Fortum Russia Assets: Kommersant
- FNTN GY : Freenet 1Q Ebitda Beats Estimates
- GSF NO : Grieg Seafood 1Q Ebit Beats Estimates
- LSG NO : Leroy 1Q Adjusted Ebit Misses Estimates
- MEKKO FH : Marimekko 1Q Net Sales Beats Estimates
- MBG GY : Mercedes-Benz USA Recalls ~300,000 Cars for Brake Fault
- NAS NO : Norwegian Air 1Q Operating Revenue Beats Estimates
- ORP FP : Orpea 1Q Revenue Matches Estimates
- POM FP : Plastic Omnium Targets Economic Rev. of Around €11B in 2025
- QFUEL NO : Quantafuel 1Q Ebitda Loss NOK52.3M Vs. Loss NOK30.5M Y/y
- RNO FP : Renault Confirms Possible New EV, Combustion-Engine Entities
- ROTH FP : Rothschild & Co 1Q Revenue EU675.3M Vs. EU636.2M Y/y
- US IM : UnipolSai 1Q Consolidated Net EU203M Vs. EU249M Y/y
- VTSCO GY : Vitesco 1Q Adjusted Ebit EU45.2M Vs. EU17.1M Y/y
- WBD IM : Webuild Sees FY Revenue EU7.0B to EU7.5B
- WBD IM : Webuild Consortium Wins Romanian Contract Worth More Than EU1b