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Bonds Hangover, BoE Hike Expected, SEC Naughty List - What's Moving Markets

06 Tháng Năm 2022
Bonds Hangover, BoE Hike Expected, SEC Naughty List - What's Moving Markets © Reuters.

By Geoffrey Smith

Investing.com -- U.S. markets are waking up with a post-Fed hangover, but solid earnings from various sectors of the economy after hours on Wednesday are set to help them hold on to most of their gains. Bond yields have risen overnight, as markets digest Jerome Powell's guidance for a series of half-point rate increases. The Bank of England is due to hike rates too, albeit less aggressively due to the U.K. economy's slowdown. Jobless claims are due, as are earnings from ConocoPhillips (NYSE:COP), Shopify (NYSE:SHOP) and Datadog (NASDAQ:DDOG). And oil prices rise as OPEC and its allies prepare to announce another output increase that will be hard to deliver in real life. Here's what you need to know in financial markets on Thursday 5th May.

1. Bond yields push higher as post-Fed hangover sets in 

Global stock markets followed the U.S. higher overnight, but bonds are suffering something of a hangover after the wild rally that followed the Federal Reserve’s press conference on Wednesday.

U.S. stock indices had had their best Fed day in years on Wednesday after Fed Chair Jerome Powell had said that 75 basis point increases in rates in futures were not being “actively discussed”. Powell had said that the Fed is confident of engineering a “soft-ish landing” for the economy with a series of half-point rate hikes over the summer.

U.S. Treasury yields have moved higher again overnight, with the 10-Year rising 4 basis points to 2.96% and the more Fed-sensitive 2-Year yield rising 7 basis points to 2.69%, after the market reconsidered that the rate path signalled by Powell is still a sizeable tightening of financial conditions.

There’s a slight lull in U.S. economic data today, with only weekly jobless claims and the Challenger Job Cuts survey due before the official labor market report on Friday.

2. BoE set to hike into weakness

Interest rates continue to march higher around the world. The Central Bank of Brazil raised its key rate by another full percentage point – the second straight 1 point move – at its meeting on Wednesday after the Fed’s move. It joins Australia and India among other G-20 economies hiking rates this week.

The baton now passes to the Bank of England, which is expected to raise its repo rate by another 25 basis points at 7 AM ET (1100 GMT), to 1.0%, and talks about its plans for balance sheet run-off. The BoE is likely to hold off from more aggressive action due to the sharp loss of momentum by the U.K. economy in recent months due to higher inflation and tax increases. GBP/USD edged down to $1.1255 ahead of the news.

Local elections around the U.K. are also set to generate headlines, as the country passes judgment on the government’s handling of the cost-of-living crisis and Prime Minister Boris Johnson’s repeated violations of his own lockdown rules.

In the Eurozone, ECB board member Fabio Panetta, the bank’s most outspoken dove, acknowledged that negative rates and quantitative easing were no longer “necessary”.

3. Stocks set to correct a little at opening; Shopify, Conoco earnings eyed

U.S. stock markets are set to give up at least some of their gains in a correction of Wednesday’s rally when they open later.

By 6:15 AM ET, Dow Jones futures were down 126 points, or 0.4%, while S&P 500 futures were down 0.5% and Nasdaq 100 futures were down 0.7%.

Some support should be forthcoming from another batch of strong earnings after the bell on Wednesday, with online travel agency Booking (NASDAQ:BKNG) in particular standing out. Pioneer Natural Resources (NYSE:PXD) also beat profit estimates handily, as did MetLife (NYSE:MET) and lithium miner Albemarle (NYSE:ALB). However, Etsy (NASDAQ:ETSY) stock is set to slump after failing to dispel concerns about sellers leaving the platform due to its hiking selling fees.

Thursday’s big corporate updates start with ConocoPhillips, Shopify, Datadog, Kellogg (NYSE:K) and Becton Dickinson (NYSE:BDX), while EOG Resources (NYSE:EOG), Vertex (NASDAQ:VRTX), McKesson (NYSE:MCK), Illumina (NASDAQ:ILMN) and Monster Beverages head the late reporters.

4. SEC adds 80 to Chinese naughty list; Caixin Services PMI collapses

Three stocks likely to be in focus later are Chinese ADRs JD (NASDAQ:JD).com, Bilibili (NASDAQ:BILI) and Pinduoduo (NASDAQ:PDD), after the U.S. Securities and Exchanges Commission added to its list of companies at risk of delisting due to their failure to file accounts that comply with U.S. regulations. JD.com ADRs were down 1.2% and Pinduoduo ADRs were down 3.4%.

China’s economic news isn’t improving yet. The Caixin Services PMI, a more accurate reflection of non-manufacturing activity than the official version, tumbled to 36.2 from 42.0 a month earlier, and now stands well below its level in another month other than February 2020.

China’s Covid-19 outbreaks also show little sign of improving, with Beijing adding to the restrictions in force and Shanghai’s reopening still dragging on.

5. Oil at 2-week high as OPEC prepares to meet

Crude oil prices hit two-week highs as the market digested the implications of the EU’s plans to wean itself off Russian oil by year-end. The plans, which still need to overcome opposition from Hungary before coming into force, are buttressed by new measures banning a raft of ancillary services such as insurance cover for ships carrying Russian oil.

The focus now turns to the day’s meeting of OPEC and its allies, which is likely to have a slightly surreal tone in promising another output increase from June despite evidence of a sharp fall in Russian output already.

By 6:20 AM ET, U.S. crude futures were up 0.6% at $108.41 a barrel, the latest move up having stopped at $108.97. Brent futures were up 0.9% at $111.08 a barrel.

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25-05-2022 03:52:07 (UTC+7)

EUR/USD

1.0734

+0.0045 (+0.42%)

Summary

Neutral

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (1)

Sell (6)

EUR/USD

1.0734

+0.0045 (+0.42%)

Summary

Neutral

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (1)

Sell (6)

GBP/USD

1.2535

-0.0053 (-0.42%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (7)

USD/JPY

126.88

-0.99 (-0.78%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

AUD/USD

0.7107

+0.0001 (+0.02%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (5)

Sell (2)

USD/CAD

1.2820

+0.0056 (+0.44%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (4)

Sell (1)

EUR/JPY

136.19

-0.50 (-0.37%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

EUR/CHF

1.0311

-0.0011 (-0.11%)

Summary

Neutral

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (3)

Sell (5)

Gold Futures

1,864.91

+17.11 (+0.93%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (0)

Sell (8)

Silver Futures

22.093

+0.370 (+1.70%)

Summary

Neutral

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (1)

Sell (7)

Copper Futures

4.3125

-0.0330 (-0.76%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (2)

Crude Oil WTI Futures

110.11

-0.18 (-0.16%)

Summary

Neutral

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (1)

Sell (6)

Brent Oil Futures

110.88

+0.10 (+0.09%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (2)

Natural Gas Futures

8.881

+0.054 (+0.61%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (6)

US Coffee C Futures

213.83

-1.92 (-0.89%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (1)

Euro Stoxx 50

3,647.56

-60.83 (-1.64%)

Summary

Neutral

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (4)

Sell (3)

S&P 500

3,941.48

-32.27 (-0.81%)

Summary

Neutral

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (2)

Sell (6)

DAX

13,919.75

-255.65 (-1.80%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (5)

FTSE 100

7,484.35

-29.09 (-0.39%)

Summary

Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (2)

Sell (5)

Hang Seng

20,112.10

-357.96 (-1.75%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

US Small Cap 2000

1,768.22

-24.55 (-1.37%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (2)

IBEX 35

8,631.20

+5.40 (+0.06%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

BASF SE NA O.N.

48.755

-0.980 (-1.97%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (8)

Sell (2)

Bayer AG NA

63.29

-1.18 (-1.83%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (5)

Sell (2)

Allianz SE VNA O.N.

197.86

-1.52 (-0.76%)

Summary

Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (4)

Sell (4)

Adidas AG

171.20

-4.28 (-2.44%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (4)

Deutsche Lufthansa AG

6.496

-0.407 (-5.90%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (9)

Sell (0)

Siemens AG Class N

114.20

-2.50 (-2.14%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (8)

Sell (1)

Deutsche Bank AG

10.084

+0.066 (+0.66%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (6)

 EUR/USD1.0734Neutral
 GBP/USD1.2535↑ Sell
 USD/JPY126.88↑ Buy
 AUD/USD0.7107↑ Buy
 USD/CAD1.2820Neutral
 EUR/JPY136.19↑ Buy
 EUR/CHF1.0311Neutral
 Gold1,864.91↑ Sell
 Silver22.093Neutral
 Copper4.3125↑ Buy
 Crude Oil WTI110.11Neutral
 Brent Oil110.88↑ Buy
 Natural Gas8.881↑ Sell
 US Coffee C213.83↑ Buy
 Euro Stoxx 503,647.56Neutral
 S&P 5003,941.48Neutral
 DAX13,919.75↑ Sell
 FTSE 1007,484.35Sell
 Hang Seng20,112.10↑ Buy
 Small Cap 20001,768.22↑ Buy
 IBEX 358,631.20↑ Buy
 BASF48.755↑ Buy
 Bayer63.29Neutral
 Allianz197.86Sell
 Adidas171.20Neutral
 Lufthansa6.496↑ Buy
 Siemens AG114.20↑ Buy
 Deutsche Bank AG10.084↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,900/ 6,990
(0/ 0) # 1,765
SJC HCM6,900/ 6,990
(0/ 0) # 1,764
SJC Hanoi6,900/ 6,992
(0/ 0) # 1,766
SJC Danang6,900/ 6,992
(0/ 0) # 1,766
SJC Nhatrang6,900/ 6,992
(0/ 0) # 1,766
SJC Cantho6,900/ 6,992
(0/ 0) # 1,766
Cập nhật 25-05-2022 03:52:09
Xem lịch sử giá vàng SJC: nhấn đây!
ↀ Giá vàng thế giới
$1,866.36+12.590.68%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V31.25031.870
RON 95-III30.65031.260
E5 RON 92-II29.63030.220
DO 0.05S25.55026.060
DO 0,001S-V26.35026.870
Dầu hỏa 2-K24.40024.880
ↂ Giá dầu thô thế giới
WTI$109.49-0.45-0.41%
Brent$111.16+0.090.08%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.040,0023.350,00
EUR24.230,6125.587,89
GBP28.221,9329.425,91
JPY177,16187,56
KRW15,8619,33
Cập nhật lúc 18:54:49 24/05/2022
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