Mixed earnings, weak data, rising Russia tensions weigh on appetite | MarketTalk: What’s up today? | Swissquote

Show notes

The S&P500 and Nasdaq fell yesterday, as US crude oil tipped a toe below the $77pb.
Besides mixed earnings, rising geopolitical tensions with Russia and weak economic data weighed on risk appetite yesterday. The weekly jobless claims in the US came in higher than expected, after the Federal Reserve’s (Fed) Beige Book also warned of slowing hiring during the past few weeks. The New York Fed’s John Williams warned that credit conditions will likely deteriorate as a consequence of the banking stress, and the banks’ emergency borrowings from the Fed increased for the first time in five weeks, hinting that the bank stress is well contained but may not be completely over. Philly Fed manufacturing index unexpectedly fell to -31 versus -19 penciled in by analysts. That’s a big slump but that’s also in contradiction with the blowout Empire State manufacturing number released earlier this week.
Weak economic data of yesterday prevented the US 2-year yield from gaining further traction above 4.20% and weighed on the US dollar index. Equites fell.
The EURUSD approached the 1.10 offers on the back of a softer dollar, but the rally remained limited as the European Central Bank (ECB) minutes showed that there is a growing divide between the ECB members regarding the size of the rate hikes.
On the earnings front, TSM gained despite weak results and demand warnings, Tesla dropped nearly 10%, while the China-based U-Power had a great debut in Nasdaq!
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