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US stocks and futures extend gains in broad rally: Markets wrap




(Bloomberg) – Stocks in Asia and US stock futures extended their advance as weak US manufacturing data dampened bets on a Fed tightening.

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The MSCI Asia Pacific Index is up more than 2%, heading to a one-week high, on the back of a broad-based recovery in the region. Japan’s benchmark Topix stock index rose 3%, boosted by technology shares.

Treasuries rose across the board, with the yield on 10-year notes dropping three basis points after sliding 19 basis points on Monday. US government stocks and bonds got a new lease of life after a disappointing US manufacturing report prompted traders to offload bets on continued strong Fed tightening. The dollar fell.


The Reserve Bank of Australia surprised investors by raising interest rates by a quarter of a percentage point – ending a series of massive increases and causing a slump in currency and government bond yields.

Read more: Wall Street surrender calls get tougher as stocks bounce

In the latest indication that the Fed’s five rate hike totaling 3 percentage points may have a negative impact, the Institute for Supply Management’s measure of factory activity fell to its lowest level in more than two years. The Fed should consider halting its tightening campaign after raising interest rates again in November, according to Ed Yardeni, a market veteran who has coined terms such as “the Fed model” and “bond keeper.”

Fed speakers continued to drum up interest rates. New York Fed President John Williams said the US central bank has not yet raised interest rates to levels that are constraining economic growth, and that tightening still has “important” ways to go.

“I think we underestimated the pain of stopping,” Nicole Webb, senior vice president and financial advisor at Wealth Enhancement Group, said on Bloomberg Television. “At some point the Fed stops increasing but how long they keep us or hang us there is still questionable.”


Inland markets in China will remain closed this week for the holidays, while the Hong Kong Stock Exchange is closed on Tuesday for the Chung Yeung Festival.

Elsewhere, oil settled after posting its biggest one-day gain since May as the market looked to OPEC+ to deliver a significant supply cut.

Brazilian assets rallied after President Jair Bolsonaro secured his way into the run-off against Luiz Inacio Lula da Silva as investors cheered the incumbent’s better-than-expected performance and bet his leftist rival would have to moderate his positions in the second phase of the election. a race. The riyal was the best performer among the world’s major currencies on Monday.

This week’s main events:

  • Eurozone Producer Price Index, Tuesday

  • US Factory Orders, Durable Goods, Tuesday

  • Fed’s John Williams, Laurie Logan, Loretta Meester, and Mary Daly speak at events on Tuesday

  • PMIs for Eurozone Services, Wednesday

  • The OPEC + meeting begins, Wednesday

  • Federal Reserve Chairman Rafael Bostik speaking, Wednesday

  • The Reserve Bank of New Zealand meets, Wednesday

  • Eurozone Retail Sales, Thursday

  • US Initial Jobless Claims, Thursday

  • Fed’s Charles Evans, Lisa Cook and Loretta Mester speak at events on Thursday

  • US Unemployment, Wholesale Inventories, Nonfarm Payrolls, Friday

  • Bank of England Deputy Governor Dave Ramsden speaking at the event on Friday

  • John Williams of the Federal Reserve speaks at the event on Friday

Will earnings disappoint and push stocks to new lows? This week’s MLIV Pulse survey asks about corporate earnings. It is brief and we do not collect your name or any contact information. Please click here to share your views.

Some of the main movements in the markets:


  • S&P 500 futures were up 1% as of 2:12 p.m. Tokyo time. The S&P 500 rose 2.6% on Monday

  • Nasdaq 100 futures rose 1.2%. The Nasdaq 100 Index is up 2.4% on Monday

  • Japan’s Topix rose 3.1%

  • South Korea’s Kospi Index is up 2.5%

  • Australia’s S&P/ASX 200 Index is up 3.8%


  • Bloomberg spot dollar index down 0.2%.

  • The euro rose 0.1 percent to 0.9840 per dollar

  • The Japanese yen fell 0.2% to 144.77 per dollar

  • The foreign yuan rose 0.4 percent to 7.0790 per dollar

  • The British pound advanced 0.1% to 1.1331 per dollar





  • West Texas Intermediate crude rose 0.3 percent to $83.87 a barrel

  • Gold was little changed at $1,699.41 an ounce

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A top aide to Ukrainian President Zelensky accuses BP of profiting from the war with a stake in the Russian oil company.




Basic [hotlink ignore=true]energy[/hotlink] The company that pledged to sell its stake in Russia has yet to do so, and a senior Ukrainian official has accused it of siphoning off millions from the war.

British Petroleum is one of the largest oil and gas companies in the world announce Last February, it said it would sell its 19.75% stake in Russian energy company Rosneft in the aftermath of Vladimir Putin’s invasion of Ukraine.

But after nine months, [hotlink]BP[/hotlink] It has not yet emptied its stake, and one of the closest advisers to Ukrainian President Volodymyr Zelensky is demanding that the company cut ties immediately.

Zelensky’s chief economic adviser, Oleg Ustinko, wrote a letter – it’s been seen before BBC And the The guardian— to Bernard Looney, CEO of BP, urging the company to keep its pledge from the early days of the war, while accusing BP of complicity with Russia in violating international law and its abuses in Ukraine by holding on to its stake in Rosneft.


“After nine months of Russian aggression, war crimes, and bombing of civilian infrastructure, all financed and supplied by Russian oil, gas, and coal, BP remains a Rosneft shareholder,” Ustenko wrote.

A BP spokesman said luck The difficulties in selling BP’s stake in Rosneft stem from complications related to Western sanctions against Russian companies.

Ustinko also accused BP of continuing to receive payments from Rosneft in the form of dividends, citing its latest Analytics From the NGO Global Witness. The analysis claimed that by failing to sell its stake in Rosneft, BP “continues to receive dividends to shareholders, known as dividends” from the Russian company.

Based on a Pay compensation to Rosneft shareholders Last month, Global Witness estimated that BP took in around £580 million (about $713 million) in the first nine months of 2022.

A BP spokesperson said that the company has not received any dividends from Rosneft shares since February, and does not expect to receive any dividends in the future, adding that the decision to sell Rosneft shares resulted in $24 billion in damage.


They added that any payments made by a Russian company to “unfriendly countries” abroad would be strictly monitored by the Russian government.

But Ustinko claimed in his letter that BP’s inability to sell its stake still made it complicit with Rosneft. Huge profits This year, which supported the Russian war effort in Ukraine.

“BP will receive this money in a restricted Russian bank account, which is a clear indication of the historical error your company has made – but nevertheless, BP will receive the dividend,” Ostenko wrote.

No accounting mechanisms or data from BP will change this fact. This is blood money pure and simple.”


Ustinko accused BP of “waiting out the storm, and going back to business as usual when the war is over”.

A BP spokesperson denied the accusation, saying the company had “absolutely no intention of going back to ‘business as usual’”.

Throughout the war, Russia resorted to using energy as a weapon against the West, especially Europe, which was dependent on Russia for energy Most of its supplies are oil and natural gas. Despite the sanctions, Russia managed to continue selling energy abroad this year. You win big From the very high oil and gas prices during the first few months of the war.

Russia’s fossil fuel exports earned Russian energy companies 158 billion euros ($166 billion) during the first six months of the war, according to study by the Clean Air and Energy Research Center. The study found that energy revenues have contributed about 43 billion euros ($45 billion) to the Russian federal budget since the start of the war, helping to fund the war in Ukraine.

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The former US head of FTX is reportedly seeking $6 million in funding to launch Cointelegraph




Just a month after the controversial fallout Sam Bankman FriedFTX’s FTX stock exchange and 130 affiliates, and a former high-profile CEO is reportedly looking for investors to launch a crypto company.

Former FTX US President Brett Harrison is looking for $6 million in funding to launch a startup that will build cryptocurrency trading software for major investors, depending to the information. Harrison’s funding round will be for $60 million.