The technology sector spurred a climb in stocksFriday and bonds held a rally as investors evaluated economic threats and scaled back expectations for inflation and interest-rate hikes.
An Asian equity index rose for a second day, aided by Chinese tech shares, while S&P 500 and European futures pushed higher. US shares closed near session highs Thursday, adding more than 3% in three days. Oil held at around $104 a barrel. A gauge of commodities has retreated to its lowest level since February in a sign of economic angst. US data and Federal Reserve commentary added to those concerns. Jobless claims hovered near a five-week high and manufacturing and services cooled. Fed Chair Jerome Powell in testimony to lawmakers reiterated that his commitment to bringing down price increases is “unconditional.” Fed Governor Michelle Bowman said she supports raising interest rates by 75 basis points again in July, followed by a few more half-point hikes. Investors are grappling with the question of what comes next if an economic downturn takes hold. One scenario comprises cooling price pressures and hence scope for central banks to ease up on the pace of interest-rate hikes. Traders are starting to price out any Fed action on rates beyond the December meeting, scaling back the additional tightening they expect and flirting with the possibility of cuts by in 2023. One of the keys to that shift is the slide in prices for raw materials, which has contributed to a moderation in market-based measures of inflation expectations. There’s a heated debate on whether the trend will continue. Bitcoin scaled $21,000, extending a bout of relative stability. US After Hours FDX +1.5% higher on earnings; TREE -12.7% falls on lowered guidance; CAMP -16.3% down on earnings
Nikkei +1,29% Hang Seng +1,88% CSI +0,89% Shanghai +0,76% Shenzen +1,08%
Eur$ 1,0540 CNH 6,6902 CNY 6,6954 JPY 134,81 GBP 1,2276 CHF 0,9611 RUB 54,5750 TRY 17;3618 WTI$ 104,77 Gold 1,825,28 +1,2% BTC 21,050 +1% ETH 1,150 +1%
S&P +0,74% Nasdaq +0,95% EuroStoxx +1,05% FTSE +0,72% Dax +0,69% SMI +0,67%
Macro :
- European Banks May Be Active After Lenders Ace Fed Stress Tests
- S&P 500 May Be 24% From Nadir, 150 Years of Market History Shows
Keep an eye on :
- S&P 500 May Be 24% From Nadir, 150 Years of Market History Shows
Keep an eye on :
- ADJ GY : Adler Group Begins Squeeze Out Process for Adler Real Estate
- BAS GY : BASF May Cut Production as Gas Prices Surge on Emergency Plan
- BATS LN : BAT Likely a Major Beneficiary Now FDA Has Withdrawn Juul: React
- BAS GY : BASF May Cut Production as Gas Prices Surge on Emergency Plan
- BATS LN : BAT Likely a Major Beneficiary Now FDA Has Withdrawn Juul: React
- BAVA DC : *CDC AIMING FOR CHILDREN'S ACCESS TO BAVARIAN'S MONKEYPOX SHOT
- BELL SW : Coop Plans to Raise Bell Food Group Stake; No Takeover Plans
- BPOST BB : Fanatics in Talks to Buy Sports Gambling Company Tipico: CNBC
- BT/ LN : BT CEO Faces Furious Staff in Town Hall, Says He Can’t Boost Pay
- CPINV BB : Care Property to Buy Assisted Living Site for EU13.9M in Stock
- CCL LN : Carnival Analyst Sees Risk to Fiscal 2023 Estimates: Preview (1)
- CYAD BB : Celyad CEO Petti Resigns; Lussier Takes Charge for Interim
- DIC GY : DIC Asset Extends CEO Waerntges’s Contract Until 2027
- ENI IM : Eni Postpones IPO of Plenitude Due to Market Conditions
- ENI IM : Eni Postpones IPO of Plenitude Due to Market Conditions
- ENOG LN : Growthy Holdings to Sell About 5m Shares in Energean: Terms
- EZE SM : *SPAIN HOLDING CO. SEPI MULLS DENYING EZENTIS' RESCUE: EL CONFI
- FGP LN : FirstGroup Extends I Squared’s PUSU Deadline to July 21
- HOMI BB : Home Invest Belgium Offering Prices at EU21.16/Share
- IDR SM : Indra Sistemas Shareholders Vote to Remove Five Directors
- LHA GY : Lufthansa to Cancel Additional 2,200 Flights This Summer: Bild
- LHA GY : ITA Airways Final Binding Bid Deadline Set for July 5: Corriere
- MAERSKB DC : Maersk Has Sexual Harassment Issues at Sea, CEO Tells Borsen
- ONCO SS : Oncopeptides Says CHMP Recommends Full Approval of Pepaxti in EU
- RKET GY : Sifted: Global Founders Capital, Rocket Internet's VC arm, is understood to be laying off as much as 80% of support staff.
- RWE GY : FT Energy: Russian gas crisis will test EU solidarity, warns German utility RWE https://t.co/ZGS8VWA591
- SAN FP : Sanofi, GSK’s Covid-19 Vaccine Shows Efficacy Against Omicron
- SAS SS : SAS’s Brand Suffers as Airline Faces Restructuring, Strike
- SHLF NO : Shelf Drilling Offering of About $130m Shares Prices
- STLA IM : Stellantis Invests in Lithium Startup Vulcan Energy: FT
- UCB BB : UCB Cuts FY Adjusted Ebitda Margin Forecast Volkswagen to Drop Russian Coal at Its German Power Plants
- VOW GY :
- ZAL GY : Zalando FY Adjusted Ebit Forecast Misses Estimates