Home Business Opening: U.S. stocks opened lower on Friday, oil stocks collectively fell, Hong Kong and U.S. stock information |

Opening: U.S. stocks opened lower on Friday, oil stocks collectively fell, Hong Kong and U.S. stock information |

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Opening: U.S. stocks opened lower on Friday, oil stocks collectively fell, Hong Kong and U.S. stock information |

On the evening of the 23rd, Beijing time, US stocks opened lower on Friday, the Dow fell 0.86%, the Nasdaq fell 1.03%, and the S&P 500 fell 0.82%. The U.S. dollar continued to appreciate sharply against other currencies as markets digested expectations of further monetary policy tightening by the Federal Reserve to fight inflation. Britain’s aggressive tax cuts caused panic, and European stock markets fell rapidly. Goldman Sachs slashed its year-end target for the S&P index.

WTI crude oil futures $CLmain fell below the $80 mark. Affected by the fall in crude oil futures prices, oil stocks fell collectively. British Petroleum fell by more than 5%, Total and Caron Oil fell by more than 4%, Exxon Mobil fell by about 4%, and Occidental Oil fell by about 4%.

Crude oil futures fell sharply. U.S. WTI crude oil fell below the $80 mark, hitting a new low since January this year.

The dollar continued to rise against other major currencies. EUR/USD fell below 0.98, its lowest level since 2002. The pound fell to its lowest level in 37 years against the dollar.

Prime Minister Truss’ government enacted the most aggressive tax cuts since 1972, lowering taxes on workers’ wages and businesses to boost the economy’s long-term potential.

The UK government’s plan to cut taxes to boost growth is an economic gamble that will put Britain’s debt on an “unsustainable” path, raising public debt by £100bn a year, according to the Institute for Fiscal Studies (IFS). The combination of spending increases and tax cuts advocated by Truss will balloon the national debt.

The IFS has warned that the UK chancellor’s tax cuts are the largest since 1972. The 1972 tax cuts ended in disastrous results.

Some traders fear the move could undermine the Bank of England’s efforts to curb inflation. At the same time, traders have increased their bets on the extent of the Bank of England rate hike, which is reported to be as high as 80%.

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Strategists at UBS Global Wealth Management said it was too early to take a dip in the euro. They lowered their forecast for the pound and said intervention by the Japanese government was unlikely to stop the dollar’s gains against the yen.

U.S. stocks closed down in shock on Thursday, with the Dow down 107 points, the S&P 500 down 32 points, and the Nasdaq down 153 points. As of Thursday’s close, the S&P 500 had posted a three-session losing streak and closed at its lowest point since June 17.

Goldman Sachs said on Friday that the Federal Reserve’s federal funds rate will be higher than previously expected, putting pressure on U.S. stock market valuations. The bank lowered its year-end target for the S&P 500 to 3,600 from 4,300.

Goldman Sachs strategists led by David Kostin said that given that most equity investors have accepted that a hard landing in the U.S. economy is inevitable, the higher interest rate scenario used in the firm’s valuation model now supports a price-to-earnings ratio of 15 times (versus previous forecasts). is 18 times).

Goldman Sachs expects the S&P 500 to have three-, six-, and 12-month targets of 3,400, 3,150 and 3,750, respectively.

Goldman Sachs strategists recommend that increased uncertainty supports defensive positions and that investors should hold stocks with quality attributes such as strong balance sheets, high returns on capital and solid sales growth.

Bank of America said the bull and bear indicators for U.S. stocks returned to their most bearish levels, indicating that this is the most pessimistic period for investor sentiment since the global financial crisis.

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Markets are still pricing in the Fed’s decision to raise rates for the third time in a row by 75 basis points on Thursday. On the same day, the Federal Reserve also released a dot plot of interest rate paths that suggest continued aggressive interest rate hikes in the future. In addition, many overseas central banks also announced interest rate hikes on Thursday.

Steve Englander, head of global G10 currency research at Standard Chartered, had previously predicted that the labor market would now show signs of slowing. Standard Chartered now predicts the Fed will raise interest rates for the fourth time in a row by 75 basis points in November and a further 50 basis points in December.

“With economic activity not yet responding much to austerity measures, the Fed does not yet have a good estimate of how high interest rates will be needed to achieve the inflation outcome it wants,” he said. “Once unemployment starts to rise, such estimates will become even more pronounced. It works. But until then, it’s hard to make a reliable estimate of how high rates will be needed.”

Fed Chairman Jerome Powell, Fed Vice Chairman Brainard and Fed Governor Bowman will speak on Friday.

Powell signaled on Wednesday that he would risk a recession to fight inflation, stoking fears that central banks could undermine global growth.

Focus stocks

FedEx’s first-quarter results fell short of expectations, with package volumes falling for three consecutive quarters, plans to raise freight rates by 6.9%, and detailed specific measures for its cost-cutting initiatives.

The US baseball key events are coming, and Apple (AAPL.US) Apple TV+ is ushering in the big test. Apple TV+ has exclusive rights to play the Boston Red Sox against the New York Yankees this Friday. The game is a major test of Apple’s commitment to becoming a live sports service, and whether well-known games can boost Apple’s subscriber numbers or serve other business goals.

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Salesforce co-CEO said the acquisition will continue. Salesforce said it has acquired 60 companies and will continue to make acquisitions while focusing more on integrating those it has acquired. Meanwhile, Salesforce is still integrating employees from companies such as recently acquired Tableau. Salesforce aims to improve profit margins as the economic outlook deteriorates.

It is reported that Credit Suisse is seeking capital increase intention from investors and plans to completely reform the investment banking business. Credit Suisse is seeking investors for a capital increase, according to two people familiar with the matter, the fourth time it has approached investors in nearly seven years. Credit Suisse has yet to make any decisions or say how much the bank will seek to raise, the sources said.

Boeing pays $200 million to settle SEC charges related to 737 MAX crash. The U.S. Securities and Exchange Commission (SEC) has previously accused Boeing of misleading investors over remarks made after the crash of its Boeing 737 MAX.

Boeing will pay $200 million to settle allegations that it misled investors after two fatal crashes of its 737 MAX jets, the SEC said on Thursday. Two 737 MAX crashes in 2018 and 2019 killed all 346 people on board and sparked a worldwide grounding of the 737 MAX. The 737 MAX made its first return to flight two years ago.

ContextLogic was sold 230,500 shares by shareholders.

Snow Lake becomes a key battery material supplier for LG Energy Solutions.

Multiple potential buyers are rumored to be considering acquiring Cano Health.

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