US stock futures rally, Twitter falls

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

Exchange rates in the world

Asset performance in the year

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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