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☆ Dollar holds firm as China's Covid-related worries weigh
▼ + stars: | 2022-11-29 | by ( ) www.cnbc.com time to read: +4 min

The euro , which surged to a five-month peak of $1.0497 overnight, later reversed those gains following a rebound in the U.S. dollar. Against a basket of currencies, the U.S. dollar index was marginally lower by 0.1% at 106.50, after rising 0.5% overnight. The greenback had extended gains after St. Louis Fed President James Bullard said overnight that the Fed needs to raise interest rates quite a bit further. The U.S. central bank is widely expected to hike rates by an additional 50 basis points when it meets on Dec. 13-14. The offshore yuan reversed some of its losses in the previous session and was about 0.4% higher at 7.2136 per dollar.

☆ Treasury yields slip as investors assess impact of China’s Covid policy
▼ + stars: | 2022-11-29 | by ( Sophie Kiderlin | ) www.cnbc.com time to read: +1 min

The yield on the benchmark 10-year Treasury yield was last down by around 4 basis points to 3.661% at 6:31 a.m. The 2-year Treasury yield was last trading at around 4.434% after dipping by more than 3 basis points. U.S. Treasury yields pulled back on Tuesday as investors closely watched Covid developments in China and digested comments from Federal Reserve officials on monetary policy plans. Investors closely followed Covid developments in China as uncertainty about the country's economic reopening has spread in recent weeks. Speaking at a virtual event hosted by the Economic Club of New York on Monday, New York Fed president John Williams said the central bank had to continue hiking rates for now.

☆ Asia markets poised to fall for a second day; China's Covid situation remains in focus
▼ + stars: | 2022-11-29 | by ( Abigail Ng | ) www.cnbc.com time to read: +1 min

St. Louis Fed President James Bullard said Monday that the Fed should continue to raise its benchmark interest rate in the coming months and that the market may be underestimating the chance that the Fed has to get more aggressive. "We're going to have to continue pursue our interest rate increases into 2023, and there's some risk that we've have to go even higher than [5%]," Bullard said at a Barron's Live webinar. Bullard made waves in financial markets earlier this month when he said the Fed's hikes have had "only limited effects" on inflation so far and that the benchmark interest rate may need to rise to between 5% and 7%. "I think we'll probably have to stay there all through 2023 and into 2024, given the historical behavior of core PCE inflation or Dallas Fed trimmed mean inflation. But they probably won't come down quite as fast as markets would like and probably the Fed would like," Bullard said.

☆ 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?

Nov 29 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever. The social unrest flaring up across China - and how Beijing responds to it - remains front and center for Asian markets, suggesting the sentiment driving trading on Tuesday will again be negative. Let's start with China, where the protests against strict zero-COVID policy and restrictions on freedoms are spreading. A little more surprising, however, given the scale of the unrest, is that the declines have been contained and orderly. If anyone was in any doubt, the hawks at the big central banks are not backing down.

☆ Fed has 'a ways to go' on interest rate hikes, Bullard says
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +2 min

[1/2] St. Louis Fed President James Bullard speaks about the U.S. economy during an interview in New York February 26, 2015. Once at a high enough level, rates would then "have to stay there all during 2023 and into 2024" given the historical behavior of inflation, Bullard said. The Fed has raised its policy rate by 375 basis points this year, the fastest pace of tightening since the early 1980s as it tries to quash stubbornly high inflation. However, Bullard also repeated comments made earlier this month that he would defer to Fed Chair Jerome Powell regarding how much higher to move rates at upcoming policy meetings. Investors overwhelmingly anticipate the Fed to raise its policy rate by half a percentage point at its next policy meeting on Dec. 13-14.

☆ Dow sinks 500 points as China protests and hawkish Fed comments rattle markets
▼ + stars: | 2022-11-28 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Stocks sank on Monday as protestors in China and hawkish comments from Fed officials weighed on the market. Unrest over China's zero-COVID policy could exacerbate supply-chain issues, which are partly responsible for rising inflation. St. Louis Fed President James Bullard added the US had "a ways to go" on rate hikes before claiming victory on the inflation front. Anger over China's zero-COVID policy has sparked turmoil across the nation, with protests threatening to exacerbate supply-chain issues in the global economy. Experts say the protests could fuel US inflation, as supply-chain issues have been a major driver of high prices so far.

Nov 29 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever. The social unrest flaring up across China - and how Beijing responds to it - remains front and center for Asian markets, suggesting the sentiment driving trading on Tuesday will again be negative. Let's start with China, where the protests against strict zero-COVID policy and restrictions on freedoms are spreading. A little more surprising, however, given the scale of the unrest, is that the declines have been contained and orderly. Does the unrest accelerate a re-opening of the economy, or does it prompt President Xi Jingping to double down?

☆ Morning Bid: Wild oil ride amid China and crypto woe
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +4 min

[1/2] General view of the oil refinery, part of Grupa Lotos taken over by PKN Orlen in 2022, in Gdansk, Poland August 9, 2022. Turbulence in oil, China's COVID crunch and unravelling cryptocurrencies make for uncomfortable reading for investors starting to parse what looks like a recessionary year ahead. Higher interest rates and slowing economies dominate most 2023 outlooks, not least Tuesday's latest from the Organisation for Economic Cooperation and Development. Underlining the growth gloom, China's battle with COVID and its widening curbs only seemed to worsen. Pain in the crypto world continued, with many investors fearing the fallout from the collapse of exchange FTX is just beginning.

☆ European markets head for lower open as investors gauge economic outlook
▼ + stars: | 2022-11-21 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +1 min

European markets are heading for a lower open on Monday as investors continue to assess inflationary pressures and the possible trajectory of central bank interest rates. European markets closed higher on Friday last week as investors continued to assess the trajectory of monetary policy after some tough statements from U.S. Federal Reserve officials. Global markets have taken some heart from lower-than-expected consumer and wholesale inflation prints recently, prompting bets that the U.S. central bank would have to slow its aggressive interest rate hikes. Overnight, shares in the Asia-Pacific mostly fell on Monday amid growing Covid concerns in China as its central bank kept the benchmark lending rates, or loan prime rates, on hold. Meanwhile, S&P 500 futures fell slightly Sunday evening ahead of another batch of retail earnings to kick off a shortened week in the U.S. ahead of the Thanksgiving holiday.

☆ Stock futures are little changed on Monday evening
▼ + stars: | 2022-11-21 | by ( Alex Harring | ) www.cnbc.com time to read: +1 min

Stock futures are little changed Monday night as investors worry about the prospect of China reinstating pandemic restrictions. Futures tied to the Dow Jones Industrial Average lost 6 points and was near the flatline. S&P 500 futures were flat while Nasdaq-100 futures added 0.1%. Expect appearances from Cleveland Fed President Loretta Mester, Kansas City Fed President Esther George and St. Louis Fed President James Bullard. Economic reports due out include the Philadelphia Fed's nonmanufacturing business outlook survey and the Richmond Fed's manufacturing index.

The Dow Jones Industrial Average (.DJI) rose 199.37 points, or 0.59%, to 33,745.69, the S&P 500 (.SPX) gained 18.78 points, or 0.48%, to 3,965.34 and the Nasdaq Composite (.IXIC) added 1.11 points, or 0.01%, to 11,146.06. For the week, the S&P 500 fell 0.7%, retreating modestly after a strong month-long rally spurred by softer-than-expected inflation data that sparked hopes the central bank could temper its market-punishing rate hikes. "We are not likely to see any real evidence in terms of potentially declining wage pressure or inflation pressure for another couple of weeks.”Defensive groups led the way among S&P 500 sectors, with utilities (.SPLRCU) up 2%, real estate (.SPLRCR) rising 1.3% and healthcare (.SPXHC) 1.2% higher. The S&P 500 posted 8 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 62 new highs and 141 new lows. About 9.7 billion shares changed hands in U.S. exchanges, compared with the 12 billion daily average over the last 20 sessions.

The S&P 500 has retreated this week after a month-long rally following softer-than-expected inflation data that sparked hopes the central bank could temper its market-punishing rate hikes. “What is driving all equities of course is Fed policy and the gravitational force that rising interest rates have on the equity complex as a whole," Goodwin said. Energy fell 1.7%, most among S&P 500 sectors, as oil prices dropped, stemming from concern about weakened demand in China and further increases to U.S. interest rates. Gap Inc (GPS.N) shares rose about 5% after the company beat Wall Street estimates for quarterly sales and profit. The S&P 500 posted 7 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 49 new highs and 112 new lows.

Traders' bets of a 75-bps rate hike in December have gone up to 24.2% from 19.4% the previous week, according to the CME Group's FedWatch tool. The benchmark S&P 500 (.SPX) and the Nasdaq (.IXIC) have lost 17% and nearly 29%, respectively, so far this year on worries that the aggressive rate hikes could push the economy into a recession. Among S&P 500 sectors, defensive stocks advanced on Friday, with utilities (.SPLRCU) and health (.SPXHC) rising 1.5% and 0.9%, respectively, and in the lead. Advancing issues outnumbered decliners by a 1.19-to-1 ratio on the NYSE and for a 1.01-to-1 ratio on the Nasdaq. The S&P index recorded seven new 52-week highs and two new lows, while the Nasdaq recorded 45 new highs and 96 new lows.

☆ Dollar on track for weekly gain as Fed pushes back on pivot
▼ + stars: | 2022-11-18 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

The dollar rose modestly on the yen following Bullard's comments and is up about 1.2% for the week to 140.36 yen . It also rose 0.9% on the Australian dollar overnight to $0.6690 per Aussie, and is on course for its first weekly gain on the Aussie since mid-October. Fed funds futures pricing currently implies a peak rate just below 5% and for rates to start falling by late 2023. Earlier this week, stronger-than-expected retail sales data had also shaken hopes for a pause in hikes, since it seemed to suggest consumers remained in spending mode. Later on Friday, British retail sales data is due, and European Central Bank President Christine Lagarde is among a smattering of policymakers due to speak.

St. Louis Fed President James Bullard said on Thursday the U.S. central bank needed to keep raising interest rates given that its tightening so far "had only limited effects on observed inflation". The comments, coming on the heels of strong retail sales data, dampened hopes of the Fed toning down its hawkish approach following softer-than-expected inflation reports. They are getting more comfortable with a generally higher interest rate regime," said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. ET, Dow e-minis were up 224 points, or 0.67%, S&P 500 e-minis were up 35.5 points, or 0.9%, and Nasdaq 100 e-minis were up 118.25 points, or 1.01%. Applied Materials Inc (AMAT.O) gained 4.0% after the chip tools maker forecast first-quarter revenue above estimates, on hopes of easing supply chain constraints.

☆ European markets set for modestly higher open as investors assess interest rate path
▼ + stars: | 2022-11-18 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

European markets are set to climb cautiously on Friday as investors continue to assess the trajectory of monetary policy after some tough statements from U.S. Federal Reserve officials. Global markets took some heart from lower-than-expected consumer and wholesale inflation prints last week, prompting bets that the central bank would have to slow its aggressive interest rate hikes. However, St. Louis Fed President James Bullard said Thursday that "the policy rate is not yet in a zone that may be considered sufficiently restrictive." Bullard suggested that the terminal federal funds rate could reach the 5% to 7% range, higher than the market is currently pricing. U.S. stock futures were mixed in early premarket trade as investors weighed the prospect of higher interest rates, and shares in Asia-Pacific were also uncertain, as Japan's core consumer price index for October rose at its fastest annual pace in 40 years.

☆ European shares bounce as battered miners rise, ECB loan repayments eyed
▼ + stars: | 2022-11-18 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +2 min

The pan-European STOXX 600 index (.STOXX) rose 0.9%, with basic resources stocks (.SXPP) up 1.2% after falling more than 3% in the last two sessions. The European Central Bank gears up to start the biggest withdrawal of cash from the euro zone's banking system in its history, with banks expected to repay about 500 bln euros in TLTRO loans. The STOXX 600 has gained about 4.9% so far this month, driven by better-than-feared earnings and expectations of smaller rate increases by the Fed. Among individual stocks, Austrian hydropower producer Verbund (VERB.VI) jumped 8.2% to top the STOXX 600, while energy and environmental services provider EVN (EVNV.VI) gained 5.2%. Reporting by Shreyashi Sanyal in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

☆ The week in review, the week ahead — Nov. 18, 2022
▼ + stars: | 2022-11-18 | by ( Zev Fima | ) www.cnbc.com time to read: +5 min

It certainly gave the market some pause in the back half of the week. Looking ahead, we remind members that markets will be closed on Thursday for Thanksgiving, and will close early at 1:00 p.m. Also Thursday, initial jobless claims for the week ending Nov. 12 came in at 222,000, a decrease of 4,000 from the prior week and below expectations of 228,000. Below are some other earnings reports and economic numbers to watch in the week ahead. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ US stocks climb amid upbeat earnings reports, but indexes stay on pace for losing weeks
▼ + stars: | 2022-11-18 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

US stocks climbed Friday as investors digest strong earnings and comments from Fed officials. Shares of Ross Stores, Palo Alto Networks, Live Nation, and Gap, among others, rallied Friday. For the week, the Dow is down 0.6%, the S&P 500 is off by 1.2%, and the Nasdaq is 1.6% lower. Ross Stores, Live Nation, and Applied Materials all ticked higher, too. "To attain a sufficiently restrictive level, the policy rate will need to be increased further."

"Initially when that (Bullard commentary) came out, you saw the market sell off and then there was some discussion about was he being over-reactive?" Equities had seen strong gains last week after a softer-than-expected inflation report boosted hopes of smaller rate hikes from the Fed. Most of the 11 major S&P 500 sectors advanced, with defensive utilities (.SPLRCU) and real estate (.SPLRCR) leading gains, up about 1% each. The S&P index recorded six new 52-week highs and no new low, while the Nasdaq recorded 34 new highs and 60 new lows. Reporting by Shubham Batra, Ankika Biswas and Amruta Khandekar in Bengaluru; Editing by Shounak Dasgupta and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ What Cramer is watching Friday — Fed plays good cop, bad cop and off-price retailers shine
▼ + stars: | 2022-11-18 | by ( Jim Cramer | ) www.cnbc.com time to read: +4 min

Rival Ross Stores (ROST) gets multiple price target increases. Citi raises BJ's Wholesale (BJ) price target to $83 per share from $81 after earnings beat. Multiple price target raises on Club Bullpen name Palo Alto Networks (PANW). Barclays raises Applied Materials (AMAT) price target to $90 per share $80 but keeps neutral rating. Piper Sandler starts DraftKings (DKNG) with an overweight (buy) rating and a $21-per-share price target, which implies about 40% upside from Thursday's close.

☆ Markets are watching for more clues on Fed hikes and the economy in the week ahead
▼ + stars: | 2022-11-18 | by ( Patti Domm | In | ) www.cnbc.com time to read: +7 min

Investors may be a bit more cautious in the week ahead, with stocks seeking direction in quiet trading and the bond market's warnings about recession getting louder. "That's going to cause its own pressure on markets because markets never look through a profit recession." In the past week, Fed officials maintained their tough tone and some even sounded more hawkish. A rallying stock market is a sign of looser financial conditions. "The stock market is complicating the Fed's objective," said Lyngen.

☆ Fed's Collins expresses hope that inflation can be tamed without hitting jobs
▼ + stars: | 2022-11-18 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Boston Federal Reserve President Susan Collins expressed confidence Friday that policymakers can tame inflation without doing too much damage to employment. In her remarks, Collins noted the importance of bringing down inflation and recognized that the Fed's moves could exact a price. "Sufficiently restrictive" is a benchmark the Fed has set in determining where rates need to go to bring down inflation. "At the Fed we are committed to returning inflation to the 2 percent target in a reasonable amount of time. Only when inflation is low and stable can the economy in general — and the labor market in particular — work well for all Americans," Collins said.

☆ US stocks defy rising yields to close higher, but cap a mixed week for major indexes
▼ + stars: | 2022-11-18 | by ( Jason Ma | ) www.businessinsider.com time to read: +1 min

US stocks climbed Friday as investors digested strong earnings from the likes of Ross Stores, Palo Alto Networks and Gap. For the week, the Dow was roughly flat, with the S&P 500 lost about 0.8%, and the Nasdaq fell 1.8%. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. For the week, the Dow was roughly flat, with the S&P 500 lost about 0.8%, and the Nasdaq fell 1.8%. "To attain a sufficiently restrictive level, the policy rate will need to be increased further."

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