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Today's Stock News
That has fueled concerns about the economic outlook, with the U.S. Treasury yield curve remaining deeply inverted in Tokyo trading and suggesting investors are bracing for a recession. “Inflation is likely to remain high for some time. Because in the U.S., at least, it’s services that are driving inflation, and that could have more persistence,” Salim Ramji, global head of ETFs and index investing at BlackRock (NYSE:BLK), told the Reuters Global Markets Forum on Wednesday. “(In equities) a minimum volatility strategy can help investors stay invested while reducing risk,” he said. Hong Kong’s Hang Seng Index fell 2.1%, with news of its technology shares sliding more than 4%. Mainland Chinese shares also fell, with blue chips down 1.1%. Japan’s Nikkei lost 0.3% and South Korea’s Kospi fell 1.1%, each led by declines in heavyweight chip players. Overnight, the Philadelphia SE Semiconductor Index slumped 4.3% after Micron said it would reduce memory chip supplies and cut more of its capital spending plans. The tech-heavy Nasdaq fell 1.5% while the S&P 500 dropped 0.8%. However, e-mini futures showed some respite at the reopening, pointing to $0.26 higher for the Nasdaq and 0.18% higher for the S&P.
European Market
In Europe, German DAX futures signaled a 0.08% gain initially, but U.K. FTSE futures fell 0.25%. Investors reassessed the outlook for U.S. monetary policy after consumer spending figures contradicted the narrative over the past week of cooler consumer and producer price data. Rhetoric from Fed officials on Wednesday also remained hawkish. Fed Governor Christopher Waller said there was still a way to go before interest rate hikes, while San Francisco Fed President Mary Daly told CNBC that a halt to rate hikes was not yet part of the discussion. “Fed commentary, such as the resilient spending numbers, provides little relief to anyone looking for an imminent pivot,” with caution permeating the market as a result, Ted Nugent, an economist at National Australia Bank (OTC: NABZY), wrote in a client note. Money markets are pricing in a 93% chance that the Fed will slow its rate hike by half a percentage point on Dec. 14, with only a 7% probability of another 75 basis point hike. However, traders still see a terminal rate of close to 5% next summer, up from the current policy rate of 3.75-4%. The U.S. dollar index, which measures the currency against a basket of six major peers, added 0.13% to 106.41, steadying after dropping as low as 105.30 on Tuesday after the release of producer price inflation figures. The euro dipped 0.14%, while the risk-sensitive Aussie dollar slipped 0.4%. The 10-year U.S. Treasury yield recovered slightly from a six-week low of 3.671% hit overnight in Tokyo, last standing around 3.71%, while the two-year yield continued to consolidate near its lowest since Oct. 28 around 4.37%. Gold fell 0.6% to around $1,763 an ounce amid a stronger dollar. Crude oil extended losses in Asia after dropping more than a dollar overnight, as the resumption of Russian oil shipments through the Druzhba pipeline to Hungary and rising COVID-19 cases in China weighed on sentiment. Brent crude futures fell $1.07, or 1.2%, to settle at $91.79 a barrel, while U.S. West Texas Intermediate (WTI) crude futures fell $1.21, or 1.4%, to settle at $84.38 a barrel.Minimize Loss Maximize Profit, Use the Following Account! Want to Earn Tens of Millions Consistently? Do This!Stock news will be updated daily by viewing it through the GIC Journal. Keep updating the news and trade on GIC using an ECN account to enjoy trading using low spreads! Don't forget to follow the GIC special event, namely the GIC Prize Gathering to win billions of rupiah in prizes!
