[ad_1]
(Bloomberg): Stock prices were slow as the market reacted slowly to new Chinese goals and measures aimed at building confidence in the Chinese economy, and investors looked forward to testimony from Federal Reserve Chairman Jerome Powell. fell slightly.
Most Read Articles on Bloomberg
Europe’s Stoxx 600 index fell 0.2% and Nasdaq 100 contracts also fell 0.4%, extending losses overnight. U.S. Treasuries were largely stable after the 10-year Treasury yield rose 4 basis points to 4.22% on Monday. In Asia, mainland China’s benchmark was slightly higher in flogging trade.
A raft of announcements at China’s National People’s Congress included growth and inflation targets, as well as measures to support an economy hampered by a real estate slump and persistent deflation. The CSI300 index fluctuated between gains and losses, reflecting market disappointment over the lack of big bang fiscal measures. The country’s prime minister will break with recent practice by not holding a press conference for investors to learn more about policy direction.
“Based on the announcements so far, it’s probably more of a disappointment overall,” said Shin Yao Ng, investment director at Abdon. “Investors will still want stronger fiscal measures to boost the economy.”
Fed Chairman Jerome Powell is expected to head to Capitol Hill on Wednesday and Thursday for his semi-annual testimony, reinforcing his message that there is no rush to cut interest rates.
Atlanta Fed President Rafael Bostic said the Fed’s first rate cut for the third quarter will be paused at its next meeting to assess how the policy shift will affect the economy. He said he expected that.
In commodities, oil prices fell while gold traded near record levels. Bitcoin has fallen from a record high of around $69,000 in 2021 to below $66,000.
Elsewhere, the yen remained stable at around 150 yen to the dollar, as Tokyo’s inflation rate once again exceeded the Bank of Japan’s February target. The hike confirmed the central bank’s case for its first interest rate hike since 2007. Bank of Japan Governor Ueda is scheduled to speak later Tuesday.
This week’s main events:
-
Bank of Japan Governor Kazuo Ueda speaks on Tuesday
-
China Caixin releases PMI on Tuesday
-
China opens the 14th National People’s Congress on Tuesday
-
Eurozone S&P Global Services PMI, PPI, Tuesday
-
US Factory Orders, ISM Services, S&P Global Services PMI, Tuesday
-
Super Tuesday will be held in the United States, with Republican and Democratic primaries being held in more than a dozen states: North Carolina, California, Texas, and Oklahoma.
-
Canadian interest rate decision Wednesday
-
Eurozone retail sales Wednesday
-
US ADP Employment, JOLTS Jobs, Wednesday
-
Federal Reserve Chairman Jerome Powell testifies before the House Financial Services Committee on Wednesday
-
Fed issues beige book on Wednesday
-
Fed’s Neel Kashkari (Minneapolis) and Mary Daley (San Francisco) speak Wednesday
-
China trade, foreign exchange reserves, Thursday
-
European Central Bank interest rate decision Thursday
-
U.S. new jobless claims, trade, Thursday
-
President Joe Biden delivers State of the Union address on Thursday
-
Federal Reserve Chairman Jerome Powell testifies before the Senate Banking Committee on Thursday
-
Cleveland Fed President Loretta Mester speaks Thursday
-
Eurozone GDP, Friday
-
US nonfarm payrolls, unemployment rate, Friday
-
New York Fed President John Williams speaks on Friday
-
ECB Executive Board Member Robert Holzmann speaks on Friday
The main movements in the market are:
stock
-
As of 8:29 a.m. London time, the Stoxx European 600 was down 0.2%.
-
S&P 500 futures fell 0.2%
-
Nasdaq 100 futures fell 0.5%
-
Dow Jones Industrial Average futures fell 0.2%.
-
MSCI Asia Pacific Index falls 0.4%
-
MSCI Emerging Markets Index falls 0.8%
currency
-
Bloomberg Dollar Spot Index little changed
-
The euro was almost unchanged at $1.0849.
-
The Japanese yen rose 0.1% to 150.37 yen to the dollar.
-
The offshore yuan was almost unchanged at 7.2125 yuan to the dollar.
-
The British pound fell 0.1% to $1.2675.
cryptocurrency
-
Bitcoin fell 1.3% to $66,639.2.
-
Ether rose 2.9% to $3,689.87.
bond
-
The 10-year Treasury yield fell 3 basis points to 4.19%.
-
Germany’s 10-year bond yield fell 3 basis points to 2.36%.
-
UK 10-year bond yields fell 4 basis points to 4.08%.
merchandise
-
Brent crude oil fell 0.5% to $82.36 per barrel.
-
Spot gold rose 0.3% to $2,121.21 an ounce.
This article was produced in partnership with Bloomberg Automation.
–With assistance from Charlotte Yang.
Most Read Articles on Bloomberg Businessweek
©2024 Bloomberg LP
[ad_2]
Source link
