![]() ![]() In the US, investors have been laser-focused on how the Fed might respond to inflation figures due Thursday. PepsiCo gained 1.9% in premarket trading after the company raised its forecast for the full year and said consumers continue to purchase more of its snack foods and soft drinks despite rising inflation. ![]() Norwegian Cruise Line Holdings also gained in premarket trading, after UBS raised its recommendation on the stock to buy, amid strong improvement in bookings. Analysts said there was limited near-term risk, given implementation was “far from imminent.” Chip stocks were set to recoup some of this week’s losses stemming from fresh curbs on China’s access to US semiconductor technology. US investors are also looking to corporate earnings for clues about Fed policy.Īmong notable moves in premarket trading, Uber Technologies edged back up after the previous session’s 10% slump that was driven by the Biden administration’s proposal on classifying gig workers’ employment status. Meanwhile, Treasury yields and the dollar were little changed as traders await a key US inflation measure due Thursday that’s set to return to a four-decade high, underscoring broad and elevated price pressures that are pushing the Federal Reserve toward yet another large interest-rate hike next month. ![]() While global risk sentiment earlier received a boost from a report suggesting the Bank of England could extend its emergency bond repurchases, a bank spokesperson quashed that speculation and said the program would still end on Friday, leaving traders in the dark as to what will happen. in New York while S&P 500 futures rose 0.7% a day after the benchmark index nearly erased its October gains, while UK bonds tumbled and the pound rose amid UK policy confusion. US stocks were set to bounce, ending a brutal five-day losing streak, amid confusion over what the BOE will do in two days, amid hope that tomorrow's CPI print will come in lower than expected, and as Treasury yields eased off multi-year highs - at least initially - and investors put aside concerns that overheating inflation could offer more fodder to hawkish Federal Reserve policy makers amid speculation that things are breaking in far too many markets after it emerged that the Fed had sent a substantial amount of dollars to Switzerland this week in the first material use of the dollar swap facility in 2022. ![]()
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