The stock will start the week steadily amid growing concerns: market wrapping

(Bloomberg) – Amid ongoing concerns over slower growth in the world’s largest economy, stocks are set to start the week cautiously.

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Futures were flat in Japan, when they fell ahead of Australia and Hong Kong. The S&P 500 has declined for the seventh week in a row due to weaknesses not seen since 2001, although bear markets have avoided sinking. US stocks are more open in futures Asia.

In Asia, the dollar traded between the major currencies and the strong range early Monday. The Australian dollar has risen after a clear election result over the weekend, pushing Labor out of the Liberal-National Coalition. Treasuries advanced on Friday, pushing the 10-year yield below 2.8% as traders debated the Federal Reserve’s path to tightening amid concerns over the economic downturn.

In China, traders will see if Chinese banks can maintain profits after lowering key interest rates for long-term borrowing in record amounts as a weight in the property recession and cowardly lockdown economy.

Investors have jumped on the bandwagon with concerns over the economic downturn and the prospect of further financial tightening. Ukraine’s war is creating commodity deficits and disrupting the supply chain due to China’s adherence to the Covid Zero policy.

In a note, Luis Doodley, Global Equity, Portfolio Manager, Federated Hermes Limited, said, “We expect the market to remain strong, given the continuing macroeconomic concerns arising from aggressive financial tightening, Russia-Ukraine conflict and China’s tough cowardly lockdown.” .

The minutes of the most recent Fed rate-setting meeting will provide market insights into the US Federal Reserve’s tightening this week. James Bullard, president of the St. Louis Fed, said the central bank should raise an aggressive series of rates to push the rate to 3.5% by the end of the year, which, if successful, would reduce inflation and ease in 2023 or 2024.

Here are some important events to watch this week:

  • Rafael Bostick, president of the Atlanta Fed, and Ether George, president of the Kansas City Fed, spoke at Monday’s event.

  • ECB Governing Council members Robert Holzmann and Joachim Nagel, BOE Governor Andrew Bailey discussed inflation at Monday’s event.

  • Eurozone S&P Global PMIs Tuesday

  • US New Home Sales, S&P Global PMIs Tuesday

  • The Reserve Bank of New Zealand decided the rate on Wednesday

  • FOMC minutes Wednesday

  • The ECB released its financial stability review on Wednesday

  • Bank of Korea rate decision on Thursday

  • US GDP, primary unemployment claims Thursday

  • US original PCE price index; Personal income and expenses; Wholesale inventory; University of Michigan Consumer Feelings Friday

Some of the major rice in the market:

Stock

  • The S&P 500 changed slightly on Friday. S&P 500 futures up 0.5%

  • The Nasdaq 100 is down 0.3%. Nasdaq 100 futures improved o.5%

  • Nikkei 225 futures have changed slightly

  • Australia’s S&P / ASX 200 index futures fell 0.2%

  • The Hang Seng Index fell 1.5% before futures

Coin

  • The Bloomberg Dollar Spot Index rose 0.2%

  • The euro was at $ 1.0563

  • The Japanese yen has changed slightly to 127.92 per dollar

  • The offshore yuan was 6.6956 per dollar

Bond

Merchandise

  • West Texas Intermediate crude fell 0.1% to $ 110.16 a barrel

  • Gold was priced at $ 1,844.55 per ounce

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