US equity futures edged up Wednesday and Asian stocks struggled for traction ahead of a Federal Reserve meeting that’s expected to deliver a hefty interest-rate hike to fight inflation. An Asia-Pacific share gauge wavered, with Chinese technology stocksamong the gainers but Japan in the red. S&P 500 and Nasdaq 100 contracts rose less than 1%. Wall Street Tuesday cemented its longest losing streak since January.
Chinese bourses pushed higher in the wake of better-than-expected activity data, though the figures still highlighted challenges from Beijing’s preference for tackling Covid with lockdowns. Industrial output climbed, while retail sales succumbed to a smaller-than-anticipated contraction. Treasuries steadied following a rout: two-year yields retreated after hitting a level last seen in 2007 and the 10-year yield pulled back from near 3.5%. Traders anticipate a 75-basis-point hike from the Fed on Wednesday, the biggest since 1994. Parts of the US yield curve remain inverted, signaling concerns that restrictive monetary policy will lead to an economic downturn. The dollar slipped and the Japanese yen climbed from a 24-year low. The offshore yuan advanced after China’s central bank refrained from cutting a key policy rate. Bitcoin stabilized around $22,000. Oilheld under $120 a barrel. Fears of stagflation have driven stocks into a bear market and triggered a stunning selloff in bonds in recent days. Uncertainty is elevated heading into the Fed decision: increments of 50 basis points, 75 basis points and even 100 basis points have all been chewed over by commentators. US After Hours CXM +3% rises while PL -11% lags on earnings/guidance
Nikkei -0,73% Hang Seng +1,44% CSI +1,84% Shanghai +1,41% Shenzen +1,15%
Eur$ 1,0444 CNH 6,7286 CNY 6,7198 JPY 135,05 GBP 1,2024 CHF 0,9994 RUB 58,0617 TRY 17,2559 WTI$ 118,89 Gold 1,815,81 BTC 21,624 ETH 1,182
S&P +0,44% Nasdaq +0,66% EuroStoxx +0,40% FTSE +0,17% Dax +0,48% SMI
Macro :
- Ackman Says Aggressive Fed Action Would Help Restore Confidence
- ‘Self-Sanctioning’ of Russia Sparks Worries About Ripple Effects
- Hedge Fund Selling Was Never More Furious Than in Last Two Days
Keep an eye on :
Keep an eye on :
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- WBD US : *WARNER BROS TO CUT UP TO 30% OF ADS SALES FORCE: INFORMATION
- XXL NO : XXL Warns That 2Q Revenue Will Decline From Previous Year