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Wall Street's main indexes recorded steep losses in the previous session after startups-focused lender SVB Financial Group's (SIVB.O) share sale to shore up its balance sheet wiped out more than $80 billion in value from bank shares. The bank is in talks to sell itself, the report added. All three major U.S. indexes were headed towards weekly losses as Fed Chair Jerome Powell earlier this week left open the possibility of a large rate hike at the Fed's March meeting, after the central bank dialed down the size of its rate hike last month. Declining issues outnumbered advancers by a 3.33-to-1 ratio on the NYSE and by a 3.88-to-1 ratio on the Nasdaq. Reporting by Amruta Khandekar and Shristi Achar in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ INDIA RUPEE Rupee resumes uptrend on likely dollar inflows, Fed risks linger
▼ + stars: | 2023-03-09 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, March 9 (Reuters) - The Indian rupee rose against the U.S. currency on Thursday, supported by dollar inflows and the underlying positive momentum, traders said. The rupee was at 81.8575 to the U.S. dollar by 10:22 a.m. IST compared with 82.0550 in the previous session. The rupee has not been impacted by the change in the repricing of what the Federal Reserve is likely to do at this month's meeting. The local currency is marginally higher than what it was before Fed Chair Jerome Powell's hawkish comments. Dollar inflows are helping negotiate the renewed Fed concerns, they added.

☆ Morning Bid: Is China exporting deflation?
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +2 min

Relief wasn't immediate, as the figures were tinged by doubt on the robustness of China's consumption rebound, with inflation in the country also at its slowest in a year. That's likely welcomed since analysts are making their latest upward revisions to U.S. and European interest rate expectations and do not need another inflationary shock from China's reopening. European futures steadied in Asia as markets assumed a holding pattern with the focus on U.S. data as the driver of interest rate movement. The Bank of Japan concludes a two-day meeting on Friday, though it is increasingly dancing to its own beat. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.3%; Japanese stocks rose 0.6% on Thursday.

☆ Hiring is so hard for a Montana builder that it's flying in construction workers on a private jet
▼ + stars: | 2023-03-09 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +2 min

A Montana builder finds it so hard to hire locally that it's flying in workers on a private jet instead. The tight labor market is a target of the Fed as it tries to bring down inflation by hiking interest rates. It's yet another sign of a tight labor market, where openings outstrip the number of workers available to fill them. The Fed has raised interest rates at a historically fast pace over the past year to try to cool high rates of inflation. A hot labor market tends to fuel inflation, as it puts upward pressure on wage growth.

☆ Nobel laureate Paul Krugman is baffled again - he can't tell if the job market is cooling or not and doubts the Fed's next move matters much
▼ + stars: | 2023-03-09 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

The Nobel Prize-winning economist said he can't gauge whether the labor market is tight or not. Meanwhile, Krugman doubts the Fed's next interest-rate move to cool a hot economy will matter much. So the labor market either isn't cooling or it is," the Prize-winning economist said in a Wednesday tweet. A hot labor market tends to fuel inflation, as it puts upward pressure on wage growth. What matters are market expectations about future Fed policy, which will largely be driven by data," Krugman said.

☆ Oil flat as China hopes, US stock draw contend with economic concerns
▼ + stars: | 2023-03-09 | by ( Emily Chow | ) www.reuters.com time to read: +3 min

Brent crude futures had edged up by 2 cents to $82.68 per barrel by 0400 GMT, while U.S. West Texas Intermediate (WTI) crude futures eased by 1 cent to $76.65 a barrel. "Oil prices are still under the influence of Powell's hawkish tone recently, and the increasing possibility of another 50 basis points hike rather than a 25 basis points one," said Suvro Sarkar, lead energy analyst at DBS Bank. "Oil prices will be caught in the tug of war between sentiment surrounding rate hikes and inflation targeting on the one hand, and China reopening on the other for much of the year, at least the first half." Despite the EIA inventory report posting the first crude draw of the year, crude demand uncertainty over the short term is "keeping oil prices heavy," said OANDA senior analyst Edward Moya in a note. "Until we see clear signs of China's recovery gaining steam, oil prices look like they want to stay heavy."

☆ Asian shares stutter, dollar buoyant as data supports hawkish Powell
▼ + stars: | 2023-03-09 | by ( Stella Qiu | ) www.reuters.com time to read: +5 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) eased 0.2% on Thursday, extending a drop of 1.4% the previous session. S&P 500 futures eased 0.1% and Nasdaq futures were off 0.3%Inflation data out of China showed on Thursday that domestic demand still remained tepid. The U.S. dollar index, measuring the greenback's value against a basket of major peers, hovered close to a three-month top at 105.6. The central bank on Wednesday left its key overnight interest rate on hold, becoming the first major central bank to suspend its monetary tightening campaign. On Thursday, the two-year Treasury yields held close to its 15 year highs at 5.0553%, while the benchmark 10-year yields were steady at 3.9775%.

☆ Investors turn more bearish on Asian FX amid return of King Dollar
▼ + stars: | 2023-03-09 | by ( Harshita Swaminathan | ) www.reuters.com time to read: +3 min

Bearish bets intensified on nearly all Asian currencies, with short bets on the South Korean won and the Chinese yuan reaching their highest since November, according to a fortnightly poll of 12 analysts. Short bets on the won were the highest among Asian currencies for the second week in a row. However, the Indian rupee , already the best performing currency in Asia so far this year, bucked the bearish trend as investors dialled back their short bets. Short bets on the ringgit rose slightly. The poll uses estimates of net long or short positions on a scale of minus 3 to plus 3.

☆ Asian stocks tumble, dollar gains after hawkish Powell comments
▼ + stars: | 2023-03-08 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

The hawkish comments from Powell sent U.S. stocks sharply lower, with the risk-off mood continuing in Asian trade. Eurostoxx 50 futures were down 0.19%, German DAX futures fell 0.27% and FTSE futures were down 0.27%. After a series of jumbo hikes last year, the Fed raised rates by 25 basis points in its last two meetings. "Powell has essentially opened the door to 50 basis point hike," said Chris Weston, head of research at Pepperstone. Citi strategists said even as-expected payrolls and inflation data could keep the chance of a 50 basis point hike high.

☆ Asian stocks tumble after hawkish Powell comments
▼ + stars: | 2023-03-08 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

SINGAPORE, March 8 (Reuters) - Asian shares fell sharply on Wednesday, while the dollar advanced after hawkish comments from Federal Reserve Chair Jerome Powell raised the possibility of the U.S. central bank returning to large rate hikes to tackle sticky inflation. The Fed will likely need to raise interest rates more than expected in response to recent strong data, Powell said on the first day of his semi-annual, two-day monetary policy testimony before Congress. The hawkish comments from Powell sent U.S. stocks sharply lower, with the risk-off mood continuing in Asian trade. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was 1.45% lower, while Australia's S&P/ASX 200 index (.AXJO) fell 0.70%. "Powell has essentially opened the door to 50 basis point hike," said Chris Weston, head of research at Pepperstone.

☆ Powell pushes dollar to three-month high
▼ + stars: | 2023-03-08 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

SINGAPORE, March 8 (Reuters) - The dollar was riding high on Wednesday, flung to three-month peaks when Federal Reserve Chair Jerome Powell surprised investors by warning that interest rates might need to go up faster and higher than expected to rein in inflation. Overnight it had shot more than 1.2% higher on the euro, its biggest one-day move in five months. The U.S. dollar index , which measures the dollar against a basket of six major currencies, jumped 1.3% overnight to a three-month peak of 105.65. The blockbuster week of central bank meetings and speakers rolls on later in the day, with the Bank of Canada setting policy and European Central Bank President Christine Lagarde speaking. "If they don't hike, the Canadian dollar will likely fall into a bucket of currencies where the central bank is unwilling to keep up with the Fed."

☆ Wednesday, Mar. 8, 2023: Cramer says this Club stock could be the best in the Dow
▼ + stars: | 2023-03-08 | by ( Joshua Natoli | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWednesday, Mar. 8, 2023: Cramer says this Club stock could be the best in the DowJim Cramer makes his return to the Investing Club with Jeff Marks to discuss why they are happy with Federal Reserve Chairman Jerome Powell's hawkish testimony before Congress. Jim says despite the tough talk he is not ready to sell stocks and will look for opportunities to buy. Jim also shares his thesis on why he thinks one Club holding could end up being the Dow's best-performing stock in the near-term.

☆ The Fed plans to keep hiking, but Australia is set to pause as it warns of recession risks
▼ + stars: | 2023-03-08 | by ( Jihye Lee | ) www.cnbc.com time to read: +3 min

Brook Attakorn | Moment | Getty ImagesAs Federal Reserve Chair Jerome Powell hints at bigger and possibly faster rate hikes ahead, Australia's central bank could be headed toward a different path. 'Plurals are gone'Comparing the wording from the central bank's previous meeting, Commonwealth Bank of Australia economist Gareth Aird said a pause could come as early as April. "Markets should treat the April Board meeting as 'live' and the RBA could pause," he said in a note shortly after the central bank's announcement. "The reference to assessing 'when' means that the RBA Board has not yet made their mind up around increasing the cash rate in April," he said. Divergence of rhetoricThe Australian dollar hovered at the weakest levels not seen since November 2022 after the central bank's decision.

☆ The S&P 500 could fall 20% by midyear as Powell's hawkish testimony sets the stage for higher rates than markets were expecting, JPMorgan says
▼ + stars: | 2023-03-08 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

The S&P 500 could fall as far as 3,200, according to technical analysis from JPMorgan. On Wednesday, the S&P 500 entered that range, hitting an intraday low of 3,969.76 before closing slightly higher. Analysts had previously pegged 3,500 as an area where the S&P 500 could find a bottom in the first half of this year. Tackling inflation, Fed officials have raised interest to a target rate of 4.50%-4.75%. On Wednesday, he reiterated his view that markets may still see a 20% gain from current levels as inflation continues to cool off.

☆ Housing market sentiment is nearing all-time lows as Americans fret over mortgage rates and employment outlook
▼ + stars: | 2023-03-08 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

US housing-market sentiment is edging back to an all-time-low, according to Fannie Mae. That's because Americans are worried over rising mortgage rates and the unemployment outlook. Markets are expecting more interest rate hikes from the Fed, which could help keep mortgage rates elevated. That's partly because of the Federal Reserve's aggressive rate hikes to control inflation, which have influenced mortgage rates to hover around twenty-year high. Markets are now expecting even steeper rate hikes from the Fed after Chairman Jerome Powell's hawkish testimony to lawmakers this week, with expectations for a 50 basis-point increase in March rising after his remarks.

☆ US stocks trade mixed as investors assess outlook for rates after Powell testimony
▼ + stars: | 2023-03-08 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

The Fed Chair warned steeper rate hikes may be needed due to strong economic data. Higher interest rates could also raise the risk of recession, which is weighing on investors. "The labour market remains extremely tight despite 450 basis points of rate hikes in the last year," Lazard chief market strategist Ronald Temple said in a statement. Higher interest rates are also raising investors' fear of an incoming recession. This combination of a weakening economy and more rate hikes would surely push the economy into a recession," Main Street Research chief investment officer James Demmert said.

March 8 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever. Given all that, it is maybe surprising that Wall Street's three main indexes 'only' fell between 1% and 1.5%. The RBA raised rates by 25 bps as expected on Tuesday to 3.60%, the highest in more than a decade. But its dovish outlook caught markets flat-footed, and the Australian dollar plunged 2%. Trade activity fell in February, reflecting weak global and domestic demand, but trade with Russia boomed.

Equities lost ground right after Powell's prepared remarks were released ahead of his testimony and sank further as the session wore on. Powell told U.S. lawmakers the Fed is prepared to move in larger steps if economic data suggests tougher measures are needed to control rising prices. Data the Fed will use to influence its rate hiking path will include Friday's non-farm payroll numbers. Meanwhile, the yield on two-year Treasury notes , which best reflects short-term rate expectations, hit 5% for the first time since July 2007. Dick's Sporting Goods (DKS.N) was up 9.6% after the retailer forecast annual earnings above Wall Street estimates and more than doubled its quarterly dividend.

☆ Reddit-loving retail investors are making their chaotic presence felt again - and their risky behavior is fueling a stock rally that doesn't look sustainable
▼ + stars: | 2023-02-23 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

Bullish sentiment has returned in a big way among retail investors as they've started the year piling record amounts into stocks. Speculative bets are backSome of what retail investors are buying has troubled observers. Different from 2021, however, is that institutional and retail investors look like they're on the same team, at least to a noticeable degree. To JPMorgan's Kolanovic, retail investors' optimism foreshadows future weakness in the stock market, as weak hands get wiped out by volatility, similar to how 2022 played out. With the Fed still set to tighten monetary policy, retail investors' enthusiasm for risky assets could backfire like it did last year.

☆ Speculative bets are cool again and Reddit's army of retail investors is partying like it's 2021
▼ + stars: | 2023-02-23 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

And yet, despite the dip this week, markets right now are brimming with bullishness — and Reddit-loving retail investors are partying like it's 2021. Retail investors are rebuffing Jerome Powell in piling into speculative assets. Remember, at the start of the pandemic, government stimulus and near-zero interest rates gave retail investors the perfect opportunity to lay down speculative bets. "With all of these headwinds, retail investors are jumping in on maybe some ill-conceived optimism," Goldman said. But economic data be damned, retail investors are still piling into the riskiest corners of the market.

☆ CNBC Daily Open: The Fed made sure U.S. markets are listening: Interest rates will continue rising
▼ + stars: | 2023-02-09 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Christopher Waller, governor of the US Federal Reserve, during a Fed Listens event in Washington, D.C., US, on Friday, Sept. 23, 2022. After weeks of defying the Federal Reserve, U.S. markets realized that interest rate hikes are probably here to stay. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Subscribe here to get this report sent directly to your inbox each morning before markets open.

☆ CNBC Daily Open: U.S. markets got the Fed’s message: Interest rate hikes are probably here to stay
▼ + stars: | 2023-02-09 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

After weeks of defying the Federal Reserve, U.S. markets realized that interest rate hikes are probably here to stay. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. In a wave of downbeat news, investors may indeed need a telescope to find some good news in the near term. Subscribe here to get this report sent directly to your inbox each morning before markets open.

☆ CNBC Daily Open: Powell’s speech was hawkish. Investors' mood was bullish
▼ + stars: | 2023-02-08 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. It appears the same thing occurred Tuesday after Powell's speech in Washington D.C.Analysts awaited Powell's speech with anxiety. And so, despite Powell's hawkish speech, investors were bullish. Subscribe here to get this report sent directly to your inbox each morning before markets open.

☆ US stocks drop as Fed officials reinforce Powell's hawkish tone
▼ + stars: | 2023-02-08 | by ( Brian Evans | ) www.businessinsider.com time to read: +2 min

US stocks closed lower on Wednesday, extending losses from the previous session. Investors were focused on hawkish rhetoric from Fed chair Jerome Powell and other officials. Powell cautioned that rates could extend higher than previously thought at a speech on Tuesday. Yesterday, Federal Reserve chair Jerome Powell said he foresaw benchmark interest rates climbing higher than previously thought in his first remarks since the scorching jobs report on Friday. Fundstrat predicts tech stocks are in for a resurgent year after a turbulent 2022.

☆ Wharton professor Jeremy Siegel says he's disappointed in the Fed's hypocrisy on inflation, and that Jerome Powell will be cutting interest rates next year
▼ + stars: | 2022-12-15 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

Wharton professor Jeremy Siegel is not happy with the Fed's hawkishness that was telegraphed at Wednesday's FOMC meeting. Siegel ultimately expects that the Fed will be cutting interest rates in 2023, not raising them. Today, the Fed fund's rate is above 4%. They were way too loose before, funds rate had to rise a lot. I actually venture that we might see a 2-handle on the Fed funds rate by next December.

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