Stocks rose Wednesday after a volatile open in Asia as investors weighed Covid developments in China and awaited a speech from Federal Reserve Chair Jerome Powell. Hong Kong’s equities benchmark dropped initially, quickly reversed course and then made gains in choppy trading as the day progressed. Australian shares erased early losses after inflation eased and Japan’s market remained in the red following data that showed a sharper-than-expected decrease in industrial production. US and Europe futures edged higher after stocks on Wall Street closed down and ahead of the speech by Powell on the economy and the labor market. Investors will be on the lookout for further signs that the next Fed interest rate hike will step down to 50 basis points. US and Europe futures edged higher after stocks on Wall Street closed down and ahead of the speech by Powell on the economy and the labor market. Investors will be on the lookout for further signs that the next Fed interest rate hike will step down to 50 basis points. Amid the turmoil, an index of global stocks was on course for a second monthly advance, which has trimmed its loss so far this year to about 18%. Bonds were also poised for a monthly gain, along with losses for 2022 on a near par with equities. The lockstep moves in stocks and bonds brought their correlation this week to highest level since 2012, which has heaped pressure on investors seeking to hedge risk by splitting their portfolios between the two asset classes. The declines in equities on Wall Street Tuesday were led technology companies. A slump in Amazon shares followed a large debt offering from the retailing giant. A series of investment grade debt deals was one factor that lured investors from Treasuries, which fell in the US, sending yields higher. Oil rose for a third day Wednesday after industry data pointed to a substantial draw in US crude stockpiles and investors counted down to an OPEC+ meeting that may see the group agree to cut production. US After Hours CRWD -18.6%, NTAP -11.2%, INTU -1.6% lower on earnings; WDAY +8.5%, HPE +2.5% higher on earnings; HZNP +31.1% pops as it confirms buyout discussions; W +11.2% reports post-Thanksgiving sales
Nikkei -0.21% Hang Seng +0.34% CSI -0.26% Shanghai -0.29% Shenzen -0.30%
Eur$ 1.0349 CNH 7.1486 CNY 7.1446 JPY 138.43 GBP 1.1980 CHF 0.9530 RUB 61.0250 TRY 18.6395 WTI$ 78.53 +0.43% Gold 1,754 +0.22% BTC 16,840 +2.29% ETH 1,2670 +4%
S&P +0.10% Nasdaq +0.05% EuroStoxx +0.46% FTSE +0.34% Dax +0.50% SMI
Macro :
- Iraq Says Opec+ Plans To Cut Oil Output By 2M B/D This Month
- BofA Institutional Clients Bought Stocks Last Week; Retail Sold
- BofA Institutional Clients Bought Stocks Last Week; Retail Sold
- Millennium Hires Former UBS O’Connor Hedge Fund Head Russell
Keep an eye on :
- AIR FP : Renault, Airbus to Develop Battery Tech for Cars and Airplanes
- ALD FP : SocGen to Sell up to 54.8M ALD Preferential Subscription Rights
- ALO FP : French Minister Pledges ‘Tens of Billions’ for Train Sector: AFP
- ARGX BB : Argenx to Buy US FDA Priority Review Voucher for $102M
- BAMI IM : Banco BPM Picks Credit Agricole for Insurance Partnership Talks
- BKT SM : *BANKINTER IN TALKS TO BUY ARES' SPANISH RENTAL PORTFOLIO: CINCO
- BIOAB SS : BioArctic Says No Phase 3 Participant Deaths from Lecanemab
- 22UA GY : Biontech, Ryvu Therapeutics Enter Into Research Collaboration
- CO FP : Casino Raises R$2.68B In Assai Share Sale at R$19 Apiece
- CATE SS : Catena Offers Up to 4.5m Shares
- CTY1S FH : Citycon Divests Two Norway Shopping Centers for €120.8m
- DBK GY : Drexel Hamilton Hires Former Deutsche Banker Ben Darsney for ECM
- EXO NA : Elkann’s Juventus Fix Shows Power Over Agnelli Clan
- INTU US : Intuit Cuts FY Revenue Forecast, Misses Estimates
- ML FP : Michelin Intends to Cut 451 Jobs in 2023: AFP
- NTCO3 BZ : Natura Is Said to Tap BofA, Morgan Stanley for Aesop Stake Sale
- NOKIA FH : Nokia CEO Sees Supply Constraints Normalizing in 1H 2023
- OR FP : Natura Is Said to Tap BofA, Morgan Stanley for Aesop Stake Sale
- OSSD SS : OssDsign Offers Up to SEK65 million Shares via SEB @ SEK4.60/Share
- RNO FP : Renault, Nissan Are Said to Aim for Alliance Event in London
- SAN FP : Sanofi Drug Raises Hopes of Wiping Out Sleeping Sickness
- SBBB SS : SBB Sells $1 Billion of Properties to Brookfield to Slash Debt
- P4F GY : Seadrill 3Q Adjusted Ebitda $71M
- GLE FP : SocGen to Sell up to 54.8M ALD Preferential Subscription Rights
- S30 FP : Solutions 30 Refinances and Extends €100M Syndicated Loan
- STLA IM : Stellantis Says U.S. Dealerships Moving Toward Electrification
- SCMN SW : Swisscom Says Court Upholds Competition Commission’s Measures
- TIETO FH : Tietoevry May Sell, Spin Off Its Transform, Connect Businesses
- TRI FP : Trigano FY Current Operating Income Misses Estimates
- UN01 GY : Uniper to Use Fuel Oil-Fired Power Plant as Back-Up to Save Gas
- VOW GY : Volkswagen Weighs Foxconn Partnership to Aid American EV Push
- VOW GY : Volkswagen Weighs Foxconn Partnership to Aid American EV Push
- VOW GY : VW's Lamborghini Urus, Aventador Overtake Ferrari; Bentley Next?
- XSPRAY SS : XSpray Pharma Granted FDA Orphan Drug Status for Dasatinib