Asian stocks were mixed Wednesday as traders awaited the Federal Reserve’s roadmap for reducing stimulus and any hints on when interest rates may go up. Crude oil declined.
A Hong Kong gauge of Chinese technology stocks fell, while an iron-ore rebound bolstered commodity-reliant Australia. Japan was shut for a holiday. S&P 500, Nasdaq 100 and European futures wavered following fresh peaks for U.S. shares. Wall Street has been buoyed by the resilience of company profits to rising costs from pandemic-era supply chain and labor disruptions. In China, Premier Li Keqiang said the economy is facing new downward pressure. Investors are monitoring a coronavirus outbreak in the world’s second-largest economy that has already sparked mobility curbs. The debt challenges in the nation’s property sector also rumble on.
The gyrations in short-term yields extend a period of heightened bond-market volatility as investors try to anticipate how hawkish central banks may become to quell inflationary pressures. The Fed is expected to announce after a policy meeting that it will start tapering its massive bond purchases, but economists are divided on whether a rate liftoff will be next year or in early 2023.
Elsewhere, oil fell as the U.S. increased pressure on OPEC+ to boost supplies. Bitcoin was around $63,000 amid a rally in cryptocurrencies.
US After Hours BBBY jumps +78% as it will redefine business model and launches collaboration with Kroger; ZG down -8.7% on earnings miss and its exit of Zillow Offers; SMCI +14.7%, CDLX +12.9%, LYFT +12.3% higher on earnings
Nikkei -0.43% Hang Seng -0.63% CSI -0.30% Shanghai -0.13% Shenzen +0.06%
Eur$ 1.1583 CNH 6.3990 CNY 6.3994 JPY 113.85 GBP 1.3630 CHF 0.9137 RUB 71.6753 TRY 9.6091 WTI$ 82.73 -1.41% Gold 1,781.90-0.30% BTC 63,150 -0.05% EtH 4,566 +1.37%
S&P -0.12% Nasdaq -0.04% EuroStoxx -0.07% FTSE -0.13% Dax -0.05% SMI -0.05%
Macro :
- Strategists Keep Faith in Stocks, View Fed-Hike Bets as Overdone
- China’s Economy Faces New Downward Pressure, Premier Li Says
- China’s Latest Covid Outbreak Most Widespread Since Wuhan
- China’s Economy Faces New Downward Pressure, Premier Li Says
- China’s Latest Covid Outbreak Most Widespread Since Wuhan
- Eric Adams Wins in NYC, Capping Ascent From Cop to Mayor-Elect
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- DARK LN : Darktrace Holder Vitruvian Offers 11m Shares
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- DIE BB : Belgian Oct. Car Registrations Sink 35%; D’Ieteren Has 20.9%
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- LOOMIS SS : Loomis to Continue Buyback of Own Shares for up to SEK200m
- LHA GY : *LUFTHANSA 3Q ADJ EBIT EU17M, EST. LOSS EU169.3M
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- WIIT IM : Wiit Completes Acquisition of Boreus GmbH, Gecko
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