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☆ Gold set for second weekly fall as Fed hawks lift Treasury yields
▼ + stars: | 2022-10-21 | by ( ) www.cnbc.com time to read: +1 min

Customers look at the display window of a store at the gold market in Dubai, one of the busiest jewellery markets in the Middle East. Gold prices on Friday were set for a second weekly decline as U.S. Treasury yields held near multi-year highs following strong labor market data and hawkish comments from Federal Reserve officials, dampening the appeal for zero-yield bullion. The benchmark 10-year Treasury yields held near a fresh 14-year peak hit on Thursday while the dollar index ticked 0.1% higher. A separate data showed U.S. existing home sales dropped for an eighth straight month in September. Spot silver eased 0.2% to $18.63 per ounce, platinum fell 0.4% to $910.30 and palladium dropped 1.4% to $2,028.43.

☆ Asian shares lower, yields rise on aggressive rate hike jitters
▼ + stars: | 2022-10-21 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

SINGAPORE, Oct 21 (Reuters) - Asian shares tracked Wall Street lower on Friday while Treasury yields scaled 14-year highs as the prospect of aggressive interest rate hikes from the Federal Reserve and recession risks soured investor sentiment. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was down 0.55% but above the two-and-a-half year low it touched on Thursday. Australia's resources-heavy share index (.AXJO) lost 0.74%, while Japan's Nikkei (.N225) opened 0.38% lower. U.S. benchmark 10-year Treasury yields to as much as 4.234%, its highest level since June 2008. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ankur Banerjee; Editing by Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. stocks turn red as investors eye prolonged Fed hawkishness
▼ + stars: | 2022-10-20 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

Harker's comments also helped support the 10-year Treasury yield's march past 14-year highs. "Harper’s comments provided further confirmation that the Fed is all in on continued aggressive policy and future (interest) rate increases." The pan-European STOXX 600 index (.STOXX) rose 0.26% and MSCI's gauge of stocks across the globe (.MIWD00000PUS) shed 0.55%. Benchmark Treasury yields resumed their rise after economic data appeared to confirm the Fed is unlikely to relent in its aggressive campaign to rein in inflation. The Japanese yen weakened 0.10% to 150.05 per dollar, while Sterling was last trading at $1.1229, up 0.13% on the day.

☆ Fed's Harker sees 'lack of progress' on inflation, expects aggressive rate hikes ahead
▼ + stars: | 2022-10-20 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

Philadelphia Federal Reserve President Patrick Harker on Thursday said higher interest rates have done little to keep inflation in check, so more increases will be needed. The latter comment was in reference to the fed funds rate, which currently is targeted in a range between 3%-3.75%. Markets widely expect the Fed to approve a fourth consecutive 0.75 percentage point interest rate hike in early November, followed by another in December. Harker indicated that those higher rates are likely to stay in place for an extended period. "Inflation will come down, but it will take some time to get to our target," Harker said.

☆ US stocks finish lower as Fed official's dour inflation outlook pushes key bond yields to fresh 14-year highs
▼ + stars: | 2022-10-20 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

US stocks fell Thursday, stretching their losses into a second consecutive session. A "disappointing lack of progress on curtailing inflation" will keep the Fed raising interest rates, said Philadelphia Fed President Patrick Harker. IBM and AT&T rose after their earnings reports while Tesla shares dropped. Investors sold off bonds, propelling the 10-year Treasury yield to 4.23%, a fresh 14-year high. Weekly US jobless claims unexpectedly fell to 214,000, compared with an Econoday estimate of 235,000 new filings for unemployment benefits.

☆ Tesla is testing a key chart level first reached after being added to the S&P 500
▼ + stars: | 2022-10-20 | by ( Michael Santoli | ) www.cnbc.com time to read: +2 min

This is the daily notebook of Mike Santoli, CNBC's senior markets commentator, with ideas about trends, stocks and market statistics. With one eye on the Treasury market and another on corporate results, the S & P 500 is sticky around the 3,700 level for a third straight day. The S & P 500 rebound from the Sept. 30 and Oct. 13 CPI-reaction low has cleared an initial hurdle, crossing above its 20-day average, something it had failed at three times since mid-August. There is now a solid LEI peak in place and the pre-recessionary clock has been ticking for a bit now. The lead times can be long (two years from 2005-2007) between LEI peak and formal recession.

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