A gauge of global stocks headed for the highest level in more than two months on Thursday and the dollar fell after Federal Reserve meeting minutes showed support for tapering interest-rate increases. Japanese, South Korean and Hong Kong equities benchmarks advanced while mainland Chinese gauges fluctuated. US futures climbed after the S&P 500 closed at a two-month high Wednesday before the Thanksgiving holiday. The moves in China came as investors weighed the impact of record Covid-19 cases against signs of loosening monetary conditions. Official comments broadcast Wednesday indicated the People’s Bank of China would allow banks to reduce capital reserves to stimulate growth. China’s Covid-zero policy has had “a significant effect on consumption” while the property crisis is “affecting investment in the sector and affecting property developers,” Gita Gopinath, first deputy managing director for the International Monetary Fund, said in an interview with Bloomberg Television. A gauge of the greenback slid further Thursday to levels not seen since August on a closing price basis. There will be no trading in Treasuries due to the US holiday. Minutes from the Fed gathering earlier this month indicated several officials backed the need to moderate the pace of rate hikes, even as some underscored the need for a higher terminal rate. This adds weight to expectations the central bank will raise rates by 50 basis points next month, ending a run of jumbo 75 basis point increases. Data Wednesday also showed US business activity contracted and unemployment applications rose as the economy cools. Oil fell as the European Union considered a higher-than-expected price cap on Russian crude and signs of a global slowdown increased. Gold rose for a third day on the Fed minutes. The precious metal has been hurt by the US central bank’s aggressive monetary-tightening policy to curb inflation, which has pushed up bond yields and the dollar and in turn sent bullion tumbling about 16% from its March peak. US After Hours Quiet after hours ahead of Thanksgiving holiday; RKLB +4.8% higher on NASA announcement
Nikkei +1.10% Hang Seng +0.29% CSI -0.44% Shanghai -0.25% Shenzen +0.00%
Eur$ 1.0438 CNH 7.1415 CNY 7.1377 JPY 138.76 GBP 1.2111 CHF 0.9390 RUB 60.5717 TRY 18.6140 WTI$ 77.73 -0.28% Gold 1,755 +0.31% BTC 16,675 +1.24% ETH 1,202 .+5.85%
S&P +0.14% Nasdaq +0.17% EuroStoxx -0.03% FTSE -0.10% Dax +0.02% SMI
Macro :
- *GOLDMAN SACHS TO SELL OVER EU1B ITALY LEASING PORTFOLIO: MF
- France Mulls Using Public Funds to Spur 10 Unicorn IPOs by 2025
- Russia Knocks Out the Power Keeping Millions of Ukrainians Warm
- German Bond Curve Inverts Most in 30 Years in Growth Warning
- Tiger Global Slashes Value of Private Assets by Almost a Quarter
- VIX Drops to Lowest Level Since August After Fed Meeting Minutes
Keep an eye on :
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- AIR FP : France Commits €3.25B to €17B European Space Agency Investment
- AIR FP : Uzbekistan Airways to Buy 12 А320neo, А321neo Jets
- IAG LN : Oneworld Alliance Seeking to Bring China Southern Into Its Ranks
- CAI AV : CA Immo 9M Net Income EU267.5M Vs. EU190.8M Y/y
- DTE GY : European Telecoms Report Widening 3Q Divergence in Resilience
- EDF FP : France’s $10 Billion Offer to Buy Out EDF Due to Open Nov. 24
- EKTAB SS : Elekta 2Q Operating Profit Misses Estimates
- ELIOR FP : Elior Is Said to Discuss Potential Tieup With Biggest Investor
- HAL NA : HAL 3Q Net Asset Value per Share EU141.46
- IIA AV : Immofinanz Boosts FY FFO I Forecast
- KER FP : Gucci Confirms Creative Director Michele Is Stepping Down
- LHA GY : Italy Rail Operator FS Could Join Lufthansa in ITA Bid: Corriere
- MC FP : Sephora Names Guillaume Motte as New CEO: WWD
- NESN SW : Nestle to Invest 7 Billion Riyals In Saudi Arabia Over 10 Years
- ORA FP : Orange Pacts With 27 Banks for Refinancing of €6B Facility
- RCO FP : Remy Cointreau Expects Return to Normal in Second Half
- SOI FP : SOITEC 1H Current Operating Income EU110M Vs. EU75M Y/y