EUR/USD 1.14041
-0.064%
Gold 4044.19
-1.501%
Oil 74.192
3.029%
USD/JPY 162.435
0.213%
GBP/USD 1.33447
-0.103%
GBP/JPY 216.770
0.127%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On July 8, Xi Jinping attended the National Science and Technology Awards Conference, the General Assembly of the Chinese Academy of Sciences and the Chinese Academy of Engineering, and the 11th National Congress of the China Association for Science and Technology, and delivered an important speech. Xi Jinping emphasized the need to promote the deep integration of scientific and technological innovation and industrial innovation, and to open up channels for the accelerated transformation of science and technology into real productive forces. Scientific and technological innovation should be application-oriented, while industrial innovation should focus on raising scientific questions. He stressed strengthening the national technology transfer system, creating diversified application scenarios and high-level industrial clusters, and promoting the application and iterative upgrading of independently developed technologies and products. He also called for improving the intellectual property protection system and building a science and technology finance system adapted to scientific and technological innovation.July 8th - In the first half of 2026, Shenzhens total electricity consumption reached 61.302 billion kilowatt-hours, a year-on-year increase of 7.69%. By sector, electricity consumption in Shenzhens secondary industry was 28.499 billion kilowatt-hours, a year-on-year increase of 5.60%; electricity consumption in the tertiary industry was 23.037 billion kilowatt-hours, a year-on-year increase of 9.94%; and residential electricity consumption was 9.738 billion kilowatt-hours, a year-on-year increase of 8.70%.Kremlin: We will take countermeasures against the deployment of nuclear weapons in the Baltic states.On July 8th, Derek Halpenny, an analyst at MUFG, stated that the Federal Reserve will release the minutes of the June FOMC meeting tonight, but he advises against over-interpreting the details, as the context before the June meeting is significantly different from now. The dot plot was likely submitted a week before the meeting (the week ending June 12th), and if the meeting were held now, the FOMC dot plot would not show nine members supporting a rate hike. In this regard, the overnight index swap curve appears to be overpriced in a rate hike. Currently, the probability of a rate hike at the July 29th meeting is still priced in at close to 30%, which seems excessive considering the weakening labor market data. The market has priced in nearly 40 basis points of rate hikes by March 2027, but we believe that the probability of a rate cut is greater than a rate hike by then.The Kremlin: (Regarding the drone attack on the Blue Stream gas pipeline facility) We consider this extremely dangerous and are taking steps to minimize the risk of such attacks.

As Fed worries eclipse earnings, the market closes

Haiden Holmes

Oct 21, 2022 14:19

13.png


On Thursday, U.S. shares closed lower due to job market numbers and comments from a U.S. official. A member of the Federal Reserve confirmed forecasts that the central bank will swiftly raise interest rates, despite a surge in outstanding corporate earnings.


IBM (NYSE:IBM), up 4.73% after the IT services giant beat quarterly profit estimates on Wednesday and said it expected to meet full-year sales growth targets, contributing to early market gains. After its annual profit forecast was raised, AT&T Inc (NYSE:T) climbed 7.72%.


However, the markets were unable to sustain their gains as high weekly unemployment claims and comments from Federal Reserve Bank of Philadelphia President Patrick Harker fuelled fears of a Fed rate hike and a potential recession.


As long as high inflation remains, according to Harker, the Fed will continue to boost its short-term rate target, contributing to the rise in the yield on 10-year U.S. bonds. At 4.239%, the Treasury note yield has achieved its highest level since June 2008.


"Interest rates cause equities volatility, that's how we've viewed things all year," said Zachary Hill, portfolio management head at Horizon Investments in Charlotte, North Carolina. Observing a fall in interest rate volatility is a precursor to observing a lull in the equities market and becoming more comfortable with taking on further risk.


I am not certain that we will be able to observe the halt that some Fed officials and market players have pointed to.


The Dow Jones Industrial Average down 90.22 points, or 0.3%, to 30,333.59, while the S&P 500 dropped 29.38 points, or 0.80%, to 3,665.78 and the Nasdaq Composite fell 65.66 points, or 0.61%, to 10,444.84.


The profit growth forecast for the third quarter of S&P 500 companies is now 3.1%, up from 2.8% earlier in the week, but far lower than the 11.1% increase forecasted at the beginning of July.


Tesla (NASDAQ:TSLA) fell 6.65% after the electric-vehicle manufacturer announced that fourth-quarter deliveries increased by less than the projected 50%.


This year, as the Federal Reserve works to combat persistently rising inflation, concerns about the impact of the Fed's aggressive path of interest rate hikes on company earnings and the broader economy have grown.


According to supplementary statistics, existing home sales fell for the eighth consecutive month in October, while factory activity in the region served by the Federal Reserve Bank of Philadelphia decreased once again.


At its November meeting, the U.S. central bank will likely announce a fourth consecutive 75 basis-point rise, with a remote chance of a one-percentage-point increase.


The volume on U.S. exchanges was 11.37 billion shares, compared to the 20-day daily average of 11.62 billion shares.


On the NYSE, declining issues outnumbered those that were gaining by a ratio of 2.12 to 1; on the Nasdaq, the ratio was 1.34 to 1.


The S&P 500 posted three new 52-week highs and twenty-eight new lows, while the Nasdaq recorded fifty-three new highs and two hundred thirty-nine new lows.

Suggestion