The technology sector lifted Asian stocks on Thursday, the dollar dipped and oil stabilized as the prevailing concerns in markets about high inflation and the risk of recession eased a little. MSCI Inc.’s Asia-Pacific share index added more than 0.5%, aided by a rally in chipmakers after a positive reception for Samsung Electronics Co.’s results. US and European futures were in the green following gains on Wall Street. Crude oil snapped a slide that’s become emblematic of economic growth worries, but remained below $100 a barrel. A dollar gaugeedged down and commodity-linked currencies like Australia’s pushed higher. Investors earlier had been focused on the Federal Reserve’s determination to tackle inflation even at the expense of slower economic activity. The minutes of the Fed’s June meeting flagged the possibility of “even more restrictive” monetary policy to prevent entrenched inflation. That triggered a slide in Treasuries on Wednesday led by shorter maturities, but they pared some of that move in Asian trading. The latest market gyrations extend a period of volatility across assets as investors grapple with threats from elevated price pressures and a parlous economic outlook amid tightening monetary settings in much of the world. Markets see another 75 basis point Fed hike in July. The peak of the tightening cycle in early 2023 is now seen at about 3.4% from around 3.2% earlier. US yield curve inversions are among the signs that higher rates could spark a recession and a reversal by the Fed in favor of looser policy later next year. In China, Shanghai reported the most virus infections since late May, fueling concern it may find itself back in lockdown in pursuit of Covid Zero. For now China’s central bank looks set to withdraw cash from the financial system in a sign that it’s moving toward normalizing monetary policy. The pound pared losses sparked by the continuing political drama in the UK. Boris Johnson told Cabinet colleagues he will not resign as Conservative leader and prime minister, despite a slew of ministers quitting and some of his closest allies demanding he go. US After Hours GME +7.4% jumps on 4-for-1 stock split announcement; USNA -9.8% falls on weak guidance; VERU +18.9% extends move after hours.
Nikkei +1.27% Hang Seng -0.32% CSI +0.32% Shanghai +0.23% Shenzen +0.75%
Eur$ 1.0211 CNH 6.70000 CNY 6.6993 JPY 135.90 GBP 1.1949 CHF 0.9692 RUB 62.8721 TRY 17.2513 WTI$ 98.75 +0.22% Gold 1,745.10 +0.36% BTC 20,272 -0.53% ETH 1,162.72 +0.18%
S&P +0.30% Nasdaq +0.41% EuroStoxx +1.23% FTSE +1.18% Dax +1.06% SMI +0.61%
Macro :
- Euro Slides to Edge of Dollar Parity as Pros Call It ‘Unbuyable’
- Pound Needs to Price for Big Deficit Less Boris: Markets Live
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