US markets rallied overnight with further evidence suggesting the Fed will soon slow rate rises came to light. The Dow Jones was up 96 points (+0.28%), closing at its highest level since April 21. At worst, it was down 93 points, and at best, it was up 164 points. The NASDAQ rose 0.99%, and the S&P 500 was up 0.59%. In Europe, the Stoxx 600 +0.6%, FTSE +0.17%, German DAX +0.04%, and France +0.32%. SPI Futures are up 5 points (+0.07%) following a 51-point rise yesterday. The ASX 200 is up 1.1% for the week.
- US Treasury yields dropped as Fed minutes suggests lower rate hikes.
- ‘Substantial’ majority of Fed officials see rate hikes slowing ‘soon’.
- US weekly jobless claims at three month high.
- US business activity weakens further.
- NY Fed s analysts say bank deposit rates lag changes in Fed policy rate.
- Euro zone downturn eases slightly. Offers hope for milder recession.
- Oil slides 3% on Russian price cap talks. US gasoline inventories build.
- G7 looking at Russian oil price cap of $65-$70 per barrel.
- Oil price Would have immediate impact on Russian revenue. Russian tanker fleet too small to bypass cap.
- Germany plans 33% windfall tax on gas, coal and oil firms.
- China widens COVID curbs, iPhone factory unrest adds to economic worries.
- Russian missile barrage forces Ukraine to shut nuclear power plants.
- Copper demand to rise on surging EV and power investment.
- BHP sees 2-3 years of elevated costs, near-term copper oversupply.
- Crypto exchanges enabled online child sex abuse profiteer on darknet.
- FTX was run as ‘personal fiefdom’, faces hacks, missing assets.
- Bank regulators tell Citigroup to take urgent action to fix resolution plan.
- Credit Suisse flags hefty loss as rich clients leave.
- News Corp merger with Fox opposed by big shareholder.
- Soccer - Japan stun Germany with come from behind 2-1 win. Spain 7-0 v Costa Rica.
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