Stocks and US equity futures pushed higher Friday as sentiment received a boost from a move by Chinese banks to lower a key interest rate for long-term loans by a record amount. Shares rose in Japan, Hong Kong and China, shrugging off modest losses on Wall Street Thursday. European contracts gained about 1%. Chinese banks cut the five-year loan prime rate, which will help to reduce mortgage costs and may boost loan demand amid a property slump and Covid lockdowns. The move “comes as a big surprise, and is without doubt a positive in terms of raising the market’s sentiment,” said Niu Chunbao, fund manager at Shanghai Wanji Asset Management. Sovereign bonds dipped, with the US 10-year Treasury yield advancing to about 2.85%. A dollar gauge trimmed its biggest one-day drop since 2020. Oil hovered near $111 a barrel, heading for a weekly gain on optimism about demand. Rebounds in risk sentiment have tended to fizzle this year. Investors continue to grapple with concerns about an economic downturn, in part as the Federal Reserve hikes interest rates to quell price pressures. Global shares are on course for an historic seventh week of declines. US data included weaker-than-forecast US jobless claims and a downbeat regional Philadelphia Fed business-outlook survey. In the latest developments over Russia’s war in Ukraine, the Senate passed a more than $40 billion Ukraine aid package, sending the bill to President Joe Biden for his signature. Traders in the US will be bracing for more volatility later Friday due to the monthly expiration of options tied to equities and exchange-traded funds. The process is notorious for stirring up market swings. UD After Hours ROST -22.5% falls on earnings, dragging peer BURL -8.2% with it ahead of its earnings next week; PANW +10.3% jumps on earnings, igniting other cybersecurity names
Nikkei +1.32% Hang Seng +2.17% CSI +1.69% Shanghai +1.31% Shenzen +1.36%
Eur$ 1.0574 CNH 6.7256 CNY 6.7200 JPY 127.72 GBP 1.2450 CHF 0.9712 RUB 62.4072 TRY 15.9564 WTI$ 110.85 -1.21% Gold 1,841.49 -0.02% BTC 30,015 -0.72% ETH 2014 +0.01%
S&P +0.82% Nasdaq +1.16% EuroStoxx +1.11% FTSE +1.20% Dax +1.12% SMI
Macro :
- Griffin’s Citadel Nears Tipping Point on Chicago Exit Over Crime
- Firm With a Royal Sheen Helped Abramovich Spread His Wealth
- MSCI EM Europe Capped Index to Be Discontinue on May 19
- New EU Carbon Tax May Cost Importers Billions, Hits Russia Most
Keep an eye on :
- AGS BB : Ageas Buys Extra 25% Stake in Indian Life Insurance JV for EU69M
- AIR FP : Boeing Max Faces Another China Hurdle as Airline Says Not Ready
- ALKB DC : ALK-Abello CEO Hellmann Sells Shares for DKK10.8 Million
- ALV GY : *PIMCO, BLACKROCK SAID TO START DEBT TALKS SOON WITH SRI LANKA
- AMAT US : Applied Materials 3Q Adjusted EPS Forecast Misses Estimates
- BN FP : Danone Sharply Increases Infant Formula Shipments to US: Reuters
- EDF FP : EDF, EIB Sign EU800M Loan Agreement for Enedis Projects
- EDF FP : EDF’s UK Nuclear Project Cost Swells as Startup is Delayed Again
- B4B GY : Metro AG Seeks to Sell India Business for Up to $1.75B, ET Says
- ORA FP : Orange Board Elects Aschenbroich as Non-Executive Chairman
- PANW US : Palo Alto Networks 4Q Adjusted EPS Forecast Beats Estimates
- CFR SW : Richemont FY Operating Profit Misses Estimates
- STG DC : Scandinavian Tobacco 1Q Sales DKK1.94B Vs. DKK1.88B Y/y
- SHEL LN : Shell Teams up With Brazil’s Açu to Build Hydrogen Plant: Rtrs
- SIKA SW : Rivals Holcim, HeidelbergCement Said to Compete for Sika US Unit
- TSLA US : Tesla Wants China Staff to Stay in Factory Bubble Until Mid-June
- THG LN : THG Says Rejected Belerion Consortium’s Purchase Proposal
- THG LN : Nick Candy Considering Possible Offer for UK Retailer THG
- TWTR US : Twitter Deal Is Proceeding, Not ‘On Hold,’ Executives Tell Staff
- UBI FP : Ubisoft Rises After Setting Date for Roller Champions Game
- VWS DC : EU Clean-Power Push May Lift Vestas, Wacker Chemie, SMA Demand
- VIV FP : Vivendi to Appoint Francois Laroze as CFO
- VOW GY : VW Names Top Executives for New Battery Firm in Cell-Making Push
- WCH GY : EU Clean-Power Push May Lift Vestas, Wacker Chemie, SMA Demand
- ZURN SW : Zurich Insurance To Sell Russia Business, Exit Market