Friday Close and Weekend Wrap: 9 September 2022

Friday Close and Weekend Wrap: 9 September 2022

Key Points:

  • Stocks, US Equity Futures Climb as Dollar Retreats
  • Bets on big Fed rate hike harden after latest Powell comments

Asian shares and US futures advanced Friday as investors assessed the outlook for tightening Federal Reserve policy to contain high inflation.

Equities in Japan and Australia gained ground in the wake of modest Wall Street gains that left the S&P 500 above 4,000 for the first time since late August.

Chair Jerome Powell reiterated Thursday the Fed is determined to curb price pressures, stirring bets on another 75 basis points move. The European Central Bank earlier raised rates by the same increment.

Treasuries held their retreat overnight, leaving the policy-sensitive two-year yield near the highest since 2007. Australian and New Zealand bonds fell. The Bloomberg Dollar Spot Index slipped but remained in sight of a record high. Oil fell to around $83 a barrel and gold was little changed

Speaking at a conference, Powell said “we need to act now, forthrightly, strongly as we have been doing” and added that “my colleagues and I are strongly committed to this project and will keep at it.”

Greenback strength amid tightening US monetary settings is saddling nations around the world with complications from currency weakness. In Japan, officials gave the strongest hint yet at possible direct market intervention. The yen edged up.

The gyrations in markets are being overshadowed Friday by the death of Queen Elizabeth II, whose passing prompted an outpouring of condolences from around the world.

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