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☆ Asia stocks choppy as investors cautious after disappointing China data
▼ + stars: | 2022-11-30 | by ( Kane Wu | ) www.reuters.com time to read: +3 min

HONG KONG, Nov 30 (Reuters) - Asian shares wobbled on Wednesday as investors remain cautious about China's path to reopening its economy after it released disappointing manufacturing data, with China and Hong Kong stocks wiping out strong gains from the previous day. MSCI's gauge of Asia Pacific stocks outside Japan (.MIAPJ0000PUS) was up 0.02% at 0201 GMT, paring earlier losses. The losses in Hong Kong and China reversed positive sentiment from Tuesday, when Chinese officials said the country would speed up COVID-19 vaccinations for elderly people. "Headlines from China regarding COVID restrictions and protests are causing jitters among investors. A series of U.S. data concerning manufacturing, inflation and jobs will also be released this week.

While the Fed chief did not indicate his estimated "terminal rate," Powell said it is likely to be "somewhat higher" than the 4.6% indicated by policymakers in their September projections. The Fed's response to the fastest outbreak of U.S. inflation in 40 years has been a similarly abrupt increase in interest rates. Powell said Fed estimates of inflation in October showed its preferred measure still rising at about triple the central bank's 2% target. The yield on the 2-year Treasury note , the maturity most sensitive to Fed rate expectations, dropped to about 4.47% from 4.52%. Bottlenecks in goods production are easing and goods price inflation appears to be easing as well, and this, too, must continue."

☆ Elon Musk says the Fed must cut rates ‘immediately’ to stop a severe recession
▼ + stars: | 2022-11-30 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Elon Musk thinks a recession is coming and worries the Federal Reserve's attempts to bring down inflation could make it worse. In a tweet early Wednesday, the Tesla CEO and Twitter owner called on the Fed "to cut interest rates immediately" or risk "amplifying the probability of a severe recession." The remarks came in an exchange with Tesmanian co-founder Vincent Yu in which several others participated. In recent days, Fed officials have said they expect smaller increases ahead than the four consecutive 0.75 percentage point increases, the most recent of which came in early November. Fed Chairman Jerome Powell is addressing the public Wednesday afternoon in a speech to be delivered at the Brookings Institution.

☆ Russian oil is still flowing in huge volumes even as EU sanctions and a price cap are less than a week away.
▼ + stars: | 2022-11-30 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

European governments still can't agree on a price cap for Russian oil even as the December 5 deadline is less than a week away. Poland, for example, is committed to a $30 price cap. Even with a price cap of, say, $65, it's unclear whether that can really make an impact, given that Russia's flagship crude oil — Urals grade crude — is trading 20% below that level already. Despite the West's repeated condemnation of Russia and President Vladimir Putin, Russia remains Europe's largest single refined oil products supplier. A) The West agrees to a price cap above $40B) The West agrees to a price cap below $40C) The West does not agree to any price capLet me know on Twitter (@philrosenn) or email me (prosen@insider.com).

☆ How to be hawkish by J.Powell
▼ + stars: | 2022-11-30 | by ( Wayne Cole | ) www.reuters.com time to read: +2 min

SYDNEY, Nov 30 (Reuters) - A look at the day ahead in European and global markets from Wayne Cole. The analyst view is that he will have to play Grinch to stop U.S. markets from further easing financial conditions. Since the Fed hiked by 75 basis points on Nov. 2, 10-year yields have fallen 38 basis points and undone much of that good work. Whether he can be hawkish enough is another matter given the signs of a turning point in inflation are mounting. That suggests today's EU-wide inflation figure will undershoot the forecast of 10.4%, even if the core measures prove stickier.

☆ Fed Chair Powell says smaller interest rate hikes could start in December
▼ + stars: | 2022-11-30 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

watch nowWASHINGTON – Federal Reserve Chairman Jerome Powell confirmed Wednesday that smaller interest rate increases are likely ahead even as he sees progress in the fight against inflation as largely inadequate. But he cautioned that monetary policy is likely to stay restrictive for some time until real signs of progress emerge on inflation. The chairman noted that policy moves such as interest rate increases and the reduction of the Fed's bond holdings generally take time to make their way through the system. "The time for moderating the pace of rate increases may come as soon as the December meeting." watch nowMarkets already had been pricing in about a 65% chance that the Fed would step down its interest rate increases to half of a percentage point in December, following four successive 0.75-point moves, according to CME Group data.

☆ Nasdaq soars 4% after Jerome Powell indicates the Fed is on track to slow rate hikes in December
▼ + stars: | 2022-11-30 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

US stocks soared on Wednesday after Fed Chairman Jerome Powell said slower interest rate hikes are likely. Powell all but confirmed a 50 basis-point rate hike in December, dialing back from the four consecutive 75 basis-point hikes. "It is entirely possible the December hike of 50 basis points could be the last hike," Fundstrat's Tom Lee said. In his remarks, Powell said there are signs inflation is beginning to finally ease, and that it makes sense for the Fed to slow down its interest rate hikes as soon as December. "It is entirely possible the December hike of 50 basis points could be the last hike," Lee told clients in a Wednesday note.

☆ Powell says rate hike moderation may come by December
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +3 min

Curing inflation "will require holding policy at a restrictive level for some time," he said. read moreUS stocks turned sharply higher on his comments, while Treasury yields fell back and the dollar turned lower. More than that, I think (investors) are starting to get a little more comfortable with investing at rates at this level... Investors have gotten to the point now where they are looking to come back into the market. SAMEER SAMANA, SENIOR GLOBAL MARKET STRATEGIST, WELLS FARGO INVESTMENT INSTITUTE, CHARLOTTE, NC"The market is taking this glass-half-full, it could've been worse approach. The balance sheet is almost as important if not more important than the level of rates."

☆ Watch Fed Chair Jerome Powell speak on the economy and monetary policy
▼ + stars: | 2022-11-30 | by ( Fred Imbert | ) www.cnbc.com time to read: 1 min

[The stream is slated to start at 1:30 p.m. Federal Reserve Chair Jerome Powell is slated to speak Wednesday at the Brookings Institution. His comments will come as investors look for clues on future monetary policy moves by the U.S. central bank. The Fed has raised rates by 75 basis points at each of its last four meetings. The central bank is expected to hike rates again in December, but only by 50 basis points, or 0.5 percentage point.

☆ Fed Chair Powell: cutting rates is not something to do soon
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: 1 min

Nov 30 (Reuters) - Federal Reserve Chair Jerome Powell on Wednesday said the U.S. central bank should use a "risk management" approach to raising rates, going "slower and feeling our way a little bit" to the right level of restrictive policy, and not loosen policy too early. "Cutting rates is not something we want to do soon," Powell said at the Brookings Institution in Washington. "That's why we're slowing down and ... to try to find our way to what that rate level is." Reporting by Ann Saphir, Lindsay Dunsmuir and Howard Schneider; Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ Asia-Pacific markets slip ahead of China factory activity data
▼ + stars: | 2022-11-30 | by ( Abigail Ng | ) www.cnbc.com time to read: 1 min

Workers work on a speaker production line at Luyang Electronics Co LTD in Fuyang City, Anhui Province, China, Oct 31, 2022. Asia-Pacific shares fell on Wednesday ahead of the release of data on China's November factory activity, in which analysts are expecting to see a contraction for the second time in a row. The Nikkei 225 in Japan fell 0.52% and Topix slipped 0.42%. The MSCI's broadest index of Asia-Pacific shares outside Japan was 0.14% lower. Japan's Fast Retailing and electric-vehicle maker Xpeng are set to report earnings, and Fed Chair Jerome Powell will be delivering a speech at the Brookings Institution on Wednesday.

watch nowMichael Bryand, 35, first got Covid in September 2020. And currently, as many as 23 million Americans have what's considered long Covid, according to recent estimates from the U.S. Department of Health and Human Services. Long Covid is 'something invisible'Michael Bryand, here with his family, first got Covid in September 2020. Ramey was a nurse in San Antonio for 30 years before she got Covid in 2020. Verduzco-Gutierrez works primarily with Covid patients, including Ramey and Bryand, through the long Covid clinic she established in 2020.

☆ Fed won't crash economy with interest-rate hikes: Powell
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +1 min

Federal Reserve Chair Jerome Powell speaks in Washington, U.S., September 23, 2022. REUTERS/Kevin Lamarque/File PhotoNov 30 (Reuters) - The Federal Reserve has been "pretty aggressive" already with its interest rate hikes and won't try to crash the economy with further sharp increases just to get inflation under control faster, Fed Chair Jerome Powell said on Wednesday"We might get rid of inflation, but at a very high human cost," Powell said at the Brookings Institution in Washington, in response to a question from a JP Morgan economist about if he would take a "shock and awe" approach to rate hikes. "I think we are in a position where the right thing to do is to move really quickly as we have, and now slow down and get to that place where we think we need to be, and by the way, there's high uncertainty around that." Reporting by Ann Saphir, Lindsay Dunsmuir and Howard Schneider; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

☆ The Fed doesn't know when inflation will stop being a problem, and it means interest rates could stay high for 'some time,' Powell says
▼ + stars: | 2022-11-30 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Fed Chair Powell said on Wednesday that the "path ahead for inflation remains highly uncertain." As a result, Powell said it's likely interest rates could remain high, but the pace of increases might slow in December. He also noted there is still a path for the US to avoid a recession and achieve a soft landing. On Wednesday, Federal Reserve Chair Jerome Powell spoke at a Brookings Institution event on the economic outlook, inflation, and the labor market. "It is likely that restoring price stability will require holding policy at a restrictive level for some time," Powell said.

☆ UK's FTSE 100 rises ahead of key Federal Reserve speech
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies FTSE 100 up 0.3%, FTSE 250 adds 0.3%Nov 30 (Reuters) - The FTSE 100 rose on Wednesday, helped by consumer discretionary and energy stocks, though investors were cautious ahead of U.S. Federal Reserve Chair's speech later in the day. The blue-chip FTSE 100 (.FTSE) gained 0.3% by 0821 GMT and was on track for its best month in two years. Consumer discretionary shares like Flutter Entertainment (FLTRF.L) gained 2.1% after JP Morgan raised the company's price target. Energy stocks (.FTNMX601010) took an early lead, gaining 0.2% as crude oil prices climbed on falling U.S. crude inventories and a weaker greenback. Reporting by Shashwat Chauhan in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ Gold flat as traders brace for Powell's speech
▼ + stars: | 2022-11-30 | by ( ) www.cnbc.com time to read: +1 min

One kilo gold bars are pictured at the plant of gold and silver refiner and bar manufacturer Argor-Heraeus in Mendrisio, Switzerland, July 13, 2022. Gold prices were little changed on Wednesday, with investors largely focusing on Federal Reserve Chair Jerome Powell's speech for insights into the U.S. central bank's monetary policy path. Spot gold was flat at $1,750.00 per ounce, as of 0019 GMT. Powell's speech at a Brookings Institution event scheduled for 1830 GMT will be evaluated for any new signs of hawkishness. Spot silver slipped 0.2% to $21.23, platinum fell 0.1% to $1,000.88 and palladium rose 0.2% to $1,837.58.

☆ Treasury yields dip as investors await key labor market data
▼ + stars: | 2022-11-30 | by ( Sophie Kiderlin | ) www.cnbc.com time to read: +1 min

One basis point is equal to 0.01%. The 2-year Treasury yield was almost flat after falling by less than a basis point to 4.4669%. U.S. Treasury yields slipped on Wednesday as investors waited for key labor market data, which could provide hints about inflation and the impact of the Federal Reserve's interest rate hikes. Investors will be scanning the data for hints about the impact of the Fed's interest rate hikes on the U.S economy as tightness in the labor market is often associated with high inflation. Many investors have been concerned that the pace of rate hikes would lead the U.S. economy into a recession as the central bank has implemented four 75 basis point rate hikes so far this year.

SummarySummary Companies Investors look to Powell speech for interest rate cluesU.S. consumer confidence slips in NovemberS&P 500 -0.16%, Nasdaq -0.59%, Dow +0.01%Nov 29 (Reuters) - The S&P 500 ended down on Tuesday, with losses in Apple and Amazon ahead of an upcoming speech by U.S. Federal Reserve Chair Jerome Powell that could provide hints about magnitude of future interest rate hikes. Investors will be looking for clues about when the Fed will slow the pace of its aggressive interest rate hikes. The S&P 500 energy sector index (.SPNY) rallied 1.3%, while gains in oil prices on expectations of a loosening of China's strict COVID controls were later offset by concerns that OPEC+ would keep its output unchanged at its upcoming meeting. The S&P 500 declined 0.16% to end the session at 3,957.60 points. The S&P 500 posted three new highs and two new lows; the Nasdaq recorded 68 new highs and 183 new lows.

Powell is due to speak at a Brookings Institution event on Wednesday about the outlook for the U.S. economy and the labor market. Investors will be looking for clues about when the Fed will slow the pace of its aggressive interest rate hikes. In afternoon trading, the S&P 500 was down 0.03% at 3,962.83 points. Advancing issues outnumbered falling ones within the S&P 500 (.AD.SPX) by a 1.1-to-one ratio. The S&P 500 posted one new high and two new lows; the Nasdaq recorded 46 new highs and 149 new lows.

☆ Gold edges up on dollar dip; Fed policy cues remain key
▼ + stars: | 2022-11-29 | by ( ) www.cnbc.com time to read: +1 min

One kilo gold bars are pictured at the plant of gold and silver refiner and bar manufacturer Argor-Heraeus in Mendrisio, Switzerland, July 13, 2022. Gold prices ticked up on Tuesday, helped by a softer dollar, while market participants awaited more clarity on the U.S. Federal Reserve's rate hike stance. Fed Presidents James Bullard and John Williams said there was a long way to go to fight inflation. Gold is also sensitive to rising interest rates as they increase the opportunity cost of holding the non-yielding asset. "Investors will now turn attention to U.S. economic data this week for any signs the Fed may ease its aggressive rate hikes," ANZ said in a note.

☆ Stock futures are flat as Wall Street awaits Fed Chair Powell's speech
▼ + stars: | 2022-11-29 | by ( Carmen Reinicke | ) www.cnbc.com time to read: +2 min

Stock futures were little changed Tuesday evening as Wall Street awaits a Wednesday speech from Federal Reserve Chair Jerome Powell that may give further insight into future rate hikes. Futures tied to the Dow Jones Industrial Average fell 19 points, or 0.06%. S&P 500 futures and Nasdaq 100 futures slipped 0.09% and 0.17%, respectively. On Wednesday, Chair Jerome Powell will give a speech at the Brookings Institution that may give insight into the central bank's thinking on future increases. Wall Street will also be watching for economic data that will give more information on the state of the U.S. labor market and the consumer.

☆ Treasury yields saw their most extreme inversion since 1981, back when unemployment soared even higher than it did in the Great Financial Crisis
▼ + stars: | 2022-11-29 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

The 10-year US Treasury yield fell 0.78 percentage point below the two-year yield last week. That's the largest inversion since 1981, which marked the early stages of a deep recession that saw the unemployment rate reach 10.8%. Comparatively, during the Great Financial Crisis, unemployment reached 10%. The 10-year US Treasury yield fell 0.78 percentage point below the two-year yield last week, the widest gap in 41 years, the Wall Street Journal pointed out. On Tuesday, the the 10-year yield was 0.74 percentage point below the two-year yield.

☆ Fed Chair Jerome Powell is once again the center of attention for markets
▼ + stars: | 2022-11-29 | by ( Bob Pisani | ) www.cnbc.com time to read: +3 min

Monday's 1.5% haircut for the S & P 500 was largely attributed to the unrest in China, but several traders brought up Fed Chair Jay Powell's Wednesday's speech at the Brookings Institution. Those comments, along with other hawkish sounding statements from Fed Vice Chair Lael Brainard, have everyone convinced Powell will pull another Jackson Hole on Wednesday. Indeed mortgage rates are already lower: A 30-year fixed rate mortgage has gone to 6.81% today from 7.24% on November 11th, according to Bankrate. That is 200 points lower than were the S & P sits today. The issue is, how many times is Powell going to reiterate this theme before it gets old?

☆ What protests in China may mean for the economy
▼ + stars: | 2022-11-29 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

New York CNN Business —Protests against China’s prolonged and restrictive Covid regulations spread across the country over the weekend. Oil plunged and hit 2022 lows on Monday, while shares of companies that rely on China for production felt the heat. Oil prices dropped sharply, with investors concerned that surging Covid cases and protests in China may sap demand from one of the world’s largest oil consumers. They don’t want to end their covid policy but they also want to ensure that the political unrest doesn’t grow. This week is chock full of important economic data releases, many of which will help guide the Fed’s next interest rate hike decision in December.

☆ US stocks trade mixed while oil climbs as investors turn attention to Jerome Powell's Wednesday remarks
▼ + stars: | 2022-11-29 | by ( Brian Evans | ) www.businessinsider.com time to read: +1 min

US stocks were mixed Tuesday while oil prices and bond yields rose as investors look to remarks Wednesday from Jerome Powell. The Federal Reserve chairman is scheduled to speak at the Brookings Institution at 1:30 p.m. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. Health officials in Beijing also said restrictions would be loosened once the current outbreak comes under control. Here's where US indexes stood as the market closed at 4:30 p.m. on Tuesday:Here's what else is happening:

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