Stocks rose and bonds jumped Thursday amid a bout of investor relief after the Federal Reserve raised interest rates as expected while countering fears of super-sized hikes. An Asian share gauge was up about 1%, helped by Hong Kong and China, where there are hopes for steps to support an economy sapped by Covid lockdowns. U.S. futures steadied, and European contracts added more than 2%, following a 3% advance in the S&P 500 index that ranked as the biggest since 2020. The dollar remained lower after retreating in the Fed’s slipstream. Australian debt surged in the wake of a pronounced slump in shorter-maturityTreasury yields as traders scaled back bets on aggressive monetary tightening. There’s no cash Treasuries trading in Asia due to a Japan holiday. Fed Chair Jerome Powell said a 75 basis points hike is “not something that the committee is actively considering,” spurring the market rally. The Fed raised rates a half point and signaled similar moves for the next couple of meetings. “Removing some of the uncertainty is helpful in getting some of the cash that has been on the sideline back into the markets, whether it’s bonds or equities,” Erin Gibbs, chief investment officer at Main Street Asset Management LLC, said on Bloomberg Television. he U.S. central bank will also allow its holdings of Treasuries and mortgage-backed securities to decline in June at an initial combined monthly pace of $47.5 billion, stepping up over three months to $95 billion. The market reaction is likely to evolve as investors digest Powell’s commentary. A global wave of monetary tightening alongside commodity-fueled price pressures could yet hurt economic growth. Russia is also continuing its war in Ukraine and China’s Covid curbs are snarling global supply chains. Climbs in oil and wheat underlined the risks. Crude hit $108 a barrel on a European Union plan to ban Russian barrels over the next six months. Wheat rose on the possibility of export curbs by major grower India. US After Hours ALB +17.1%, BKNG +11%, TRIP +6.7% higher on earnings; PING -11.9%, ETSY -9.9%, EBAY -5.9%, FSLY -5.7% lower on earnings
Nikkei closed Hang Seng +0.69% CSI +0.41% Shanghai +1.15% Shenzen +1.39%
Eur$ 1.0613 CNH 6.6340 CNY 6.6095 JPY 129.35 GBP 1.2554 CHF 0.9739 RUB 65.7875 TRY 14.7620 WTI$ 108.62 +0.73% Gold 1,899.42 +0.97% BTC 39,600 -0.51% ETH 2,932 -0.41%
S&P +0.08% Nasdaq +0.06% EuroStoxx +2.36% FTSE +1.07% Dax +2.16% SMI +0.995%
Macro :
- Blockchain Innovation Urged Through California Executive Order
- Fed Hikes Rates Half Point, Will Shrink Assets to Curb Inflation
- Nasdaq’s Friedman Sees IPO Comeback Led by Digital Innovators
Keep an eye on :
- ABI BB : *AB INBEV 1Q ADJ EBITDA +7.4%, EST. +3.88%
- ADEN SW : Adecco 1Q Gross Margin Beats Estimates
- AIR FP : Airbus 1Q Adjusted Ebit Beats Estimates
- AIR FP : Air France Sees Profitability This Summer on Travel Demand Surge
- AIXA GY : Aixtron 1Q Ebit Misses Estimates
- AMG LN : AMG 1Q Ebitda $54.8M Vs. $28.3M Y/y
- MT NA : ArcelorMittal 1Q Ebitda Beats Estimates
- AKE FP : Arkema 1Q Ebitda Beats Estimates
- BAMNB NA : BAM 1Q Revenue EU1.55B Vs. EU1.65B Y/y
- BILL SS : BillerudKorsnas 1Q Adjusted Ebitda Beats Estimates
- BYW6 GY : BayWa 1Q Ebit EU144.9M
- BMW GY : BMW Profit Beats Estimates on Strong Demand for Luxury Cars
- BP/ LN : BP Aims to Start Oil Output From North Sea Murlach Field in 2025
- CGG FP : CGG 1Q Segment Revenue $153M Vs. $213M Y/y
- COFB BB : Cofinimmo to Spend ~EU15m on Care Project for Amavir in Cordoba
- COP GY : CompuGroup 1Q Adjusted Ebitda Margin 20.5% Vs. 20.3% Y/y
- COR PL : Corticeira Amorim Forms Joint Venture for Capsulated Stoppers
- ACA FP : Credit Agricole 1Q Net Income Misses Estimates
- DEZ GY : Deutz 1Q Revenue Beats Estimates
- ENEL IM : Enel 1Q Revenue EU34.96B Vs. EU18.49B Y/y
- ENEL IM : Enel CFO Says Italy, Spain Energy Measures Affect Debt Evolution
- EDV LN : Endeavour Mining to Report Results; Shares up 16.2% YTD: Preview
- FLS DC : FLSmidth 1Q Orders Beats Estimates
- FDR SM : Fluidra 1Q Ebitda Beats Estimates
- HLAG GY : Senators Urge Evergreen, Maersk to Work With Ag Exporters
- HAG GY : Hensoldt 1Q Adjusted Ebitda EU17M Vs. EU15M Y/y
- HEN3 GY : Henkel Targets About EU250M Annualized Net Savings by End-2023
- JD US : JD.com to Strive to Maintain Listing Status on Nasdaq, HKEX
- SKB GY : Koenig & Bauer 1Q Ebit Loss EU8.5M Vs. Loss EU8.9M Y/y
- LXS GY : Lanxess Sees 2Q Adjusted Ebitda EU280M to EU350M, Est. EU304.2M
- LR FP : Legrand 1Q Adjusted Operating Profit Beats Estimates
- LHA GY : Lufthansa Boosts Capacity as Demand Gains; Cost Outlook Unclear
- MB IM : Mediobanca Names Baldelli Co-Head of Global Investment Banking
- MONC IM : Moncler 1Q Revenue Beats Estimates
- MTX GY : MTU Aero Names Lars Wagner New CEO, Succeeding Winkler
- NEL NO : Nel Gets EU2m Order for Alkaline Electrolyzer System
- NETC DC : Netcompany 1Q Revenue Matches Estimates
- NWO GY : New Work 1Q Pro Forma Revenue EU75.9M
- ORK NO : Orkla 1Q Adjusted Ebit Beats Estimates
- SEPL LN : Exxon Flags Possible $500 Million Loss on Nigeria Sale to Seplat
- SESG FP : SES 1Q Adjusted Ebitda Beats Estimates
- SGL GY : SGL 1Q Adjusted Ebitda EU36.8M Vs. EU33M Y/y
- SAE GY : Shop Apotheke 1Q Adj. Ebitda Margin -1.4% Vs. 2% Y/y
- SGRE SM : Siemens Gamesa 2Q Underlying Ebit Margin -14% Vs. +4.8% Y/y
- GLE FP : SocGen 1Q Revenue Beats Estimates
- SREN SW : Swiss Re 1Q Net Loss $248M, Est. Loss $72.6M
- TIT IM : Telecom Italia 1Q Organic Ebitda Misses Estimates
- TEF SM : Telefonica in Talks to Buy BE-Terna for About EU375M: Expansion
- UCG IM : UniCredit Books EU1.3b in Loan Provisions in 1Q Driven By Russia
- UPONOR FH : Uponor Equal-Weight at Morgan Stanley, Cheap But Lacks Catalysts
- VLA FP : Valneva Maintains FY Revenue Forecast
- VASTN NA : Vastned Sees FY EPS EU1.95 to EU2.05, Est. EU1.98
- VCT FP : Vicat 1Q Like-for-Like Sales +12.4%
- RIN FP : Vilmorin 3Q Like-for-Like Sales +4%
- VNA GY : Vonovia 1Q Adjusted Ebitda Beats Estimates
- VOW GY : Volkswagen to Invest $250M in Argentina in 2022-26
- ZQL GY : Zalando Sees FY GMV Low End of +16% to +23%, Saw +16% to +23%