US stock futures rally, Twitter falls

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US stock futures rally, Twitter falls

By Carolyn Cohn

LONDON – Wall Street futures rallied ahead of the open on Friday, keeping bear market fears at bay, although shares of Twitter fell after Elon Musk temporarily put his $44 billion deal for the company on hold. company.

* Markets are getting nervous about the possibility of a recession, and the S&P 500 approached a bear market on the eve, almost 20% from its all-time high in January.

* In an interview Thursday, Federal Reserve Chairman Jerome Powell said the battle to control inflation “will include some pain” and reiterated his expectation of interest rate hikes of half a percentage point in each of the two upcoming policy meetings, while promising that “we are prepared to do more.”

* The war in Ukraine has compounded supply chain disruptions and inflationary pressures already in place after more than two years of the coronavirus pandemic. covid-19, but stocks enjoyed a rebound on Friday.

* “There’s a lot of negative sentiment out there, we’re looking at a 40% chance of a recession,” said Patrick Spencer of investment bank Baird. “Many fund managers have cut their allocations to equities and increased cash, although we believe this is more of a correction than a bear market.”

* S&P futures were up 1.09% after the S&P 500 lost 0.13% overnight, although the index still points to a sixth straight week of declines.

* Twitter shares fell 17.7% to $37.10 in pre-market trading after Musk called off his plans to buy the company, saying he is awaiting details on the calculations. showing that spam and fake accounts account for less than 5% of users.

* The world stock index of MSCI It gained 0.34% after touching its lowest since November 2020 on Thursday, although it was headed for a weekly drop of 4%, its sixth week in a row on the decline. European papers improved by 1.44% and the FTSE 100 British, 1.64%.

* The dollar was stable at 104.77 against a basket of currencies, near 20-year highs touched the day before by safe-haven demand. Against the yen, it was up 0.47% at 128.83, while the euro was flat at $1.038, above Thursday’s five-year low.

* Bitcoin also advanced, topping $30,000 after the collapse of TerraUSD, a so-called stablecoin, took it to a 16-month low of around $25,400 on Thursday.

* The upward movements of the stock markets were reflected in US Treasury bonds. The yield of the referential 10-year notes rose to 2.8985% from 2.817% the day before and that of the two-year papers operated at 2.582% from 2.522%.

* The largest index of MSCI Asia-Pacific stock prices excluding Japan improved 1.6% from a 22-month closing low on Thursday. Japan’s Nikkei stock index advanced 2.64%.

* In China, the index CSI300 gained 0.75% and Hong Kong’s Hang Seng rose 2.68%, buoyed by comments from Shanghai officials that the city may start to ease some tough restrictions over the covid this month.

* In commodities, crude oil prices rose on the session but headed for their first weekly loss in three weeks. Spot gold fell 0.3%, pressured by a stronger dollar, to a three-month low of $1,806.49 an ounce.

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GRAPHIC (in English): S&P 500 is headed for a sixth straight week of declines https://tmsnrt.rs/3sztbhr

Exchange rates in the world http://tmsnrt.rs/2hzquG7

Asset performance in the year http://tmsnrt.rs/2szi3CI

Powell says that the Fed will beat inflation and that stable prices are the mainstay of the economy

Musk puts $44 billion Twitter deal on hold, stock plummets

Bitcoin Faces Record Drop Streak as Stablecoins Collapse

Beijing teleworks and Shanghai says that the victory against the covid is getting closer

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