Stocks Buoyed by Powell and China, Dollar Weakens: Markets Wrap

Bloomberg2022-12-01

Global stocks climbed and the dollar slipped to a three-month low as fresh signs emerged of a softening in China’s Covid stance and Federal Reserve Chair Jerome Powell confirmed that the pace of ...

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Richie_Wong
2022-12-02
Richie_Wong
Great ariticle, would you like to share it?
FannyGoh
2022-12-01
FannyGoh
Ok
Cyberboyz
2022-12-01
Cyberboyz
Ok
JBT
2022-12-01
JBT
Good
Khoo12
2022-12-01
Khoo12
Ok

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Key gauges of US activity have painted a mixed third-quarter picture. Job openings fell in October -- a hopeful sign for the Fed as it seeks to curb demand -- while Friday’s jobs report, is currently forecast to show employers added 200,000 workers to payrolls in November.There are also signs that cooling growth is affecting corporate earnings, especially in the tech sector. While the rate-sensitive Nasdaq jumped 4.5% on Wednesday, tech shares broadly fell in premarket trading, led by software maker Salesforce, whose earnings outlook appeared to reflect a weaker economic environment.Thursday’s PMI numbers from S&P Global showed a slump in Asian and European factory activity and businesses bracing for more cutbacks in spending from customers.Elsewhere in markets, oil fluctuated after a three-day rally as investors assessed the latest signals that China may be softening its Covid Zero policy and looked ahead to an OPEC+ meeting that will set supply levels for 2023.Key events this week:S&P Global PMIs, ThursdayUS construction spending, consumer income, initial jobless claims, ISM Manufacturing, ThursdayBOJ’s Haruhiko Kuroda speaks, ThursdayUS unemployment, nonfarm payrolls, FridayECB’s Christine Lagarde speaks, FridaySome of the main moves in markets:StocksThe Stoxx Europe 600 rose 0.7% as of 9:56 a.m. London timeFutures on the S&P 500 were little changedFutures on the Nasdaq 100 fell 0.2%Futures on the Dow Jones Industrial Average fell 0.2%The MSCI Asia Pacific Index rose 1.7%The MSCI Emerging Markets Index rose 0.8%CurrenciesThe Bloomberg Dollar Spot Index fell 0.4%The euro rose 0.3% to $1.0439The Japanese yen rose 1.3% to 136.31 per dollarThe offshore yuan fell 0.6% to 7.0899 per dollarThe British pound rose 0.7% to $1.2148CryptocurrenciesBitcoin was little changed at $17,111.26Ether fell 1.1% to $1,282.69BondsThe yield on 10-year Treasuries advanced two basis points to 3.62%Germany’s 10-year yield declined nine basis points to 1.84%Britain’s 10-year yield declined five basis points to 3.11%CommoditiesBrent crude was little changedSpot gold rose 0.5% to $1,778.16 an 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