Overnight Market Wrap: 17 October 2022

Overnight Market Wrap: 17 October 2022

Key Points:

  • Shares slide in Japan, Australia; Hong Kong futures drop
  • Inflation pressure persists, driving interest rates higher

Stocks dropped in Japan, Australia and South Korea while futures for Hong Kong fell. Contracts for the S&P 500 and Nasdaq 100 rose after tumbling Friday, when Treasury yields climbed as year-ahead inflation expectations increased. US Yields fell slightly at the open in Asia.

The dollar eased against its Group-of-10 counterparts, providing a touch of respite to harried currency markets. Traders remained on guard for possible intervention to support the YEN which is near a 32-year low and within reach of the key 150 level versus the greenback. The pound rallied on expectations that the UK may reverse more of its unfunded tax cuts.

UK markets may be in for a particularly torrid week, with Britain’s beleaguered prime minister Liz Truss battling to rescue her premiership after the Bank of England ended its emergency bond-buying program on Friday. 

Fed officials in their latest comments suggested they were ready to hike rates higher than previously planned. Kansas City Fed President Esther George said the terminal rate may need to be higher to cool prices. San Francisco Fed’s Mary Daly said she’s “very supportive” of raising to restrictive levels and to between 4.5% and 5% “is the most likely outcome.”

Corporate America offered some bright spots Friday, with big banks including JPMorgan Chase & Co. and Wells Fargo& Co. rising after reporting results, while Morgan Stanley fell as equity trading revenue disappointed. 

Elsewhere in markets, oil clawed back some losses after a weekly slump as fears over an economic slowdown continue to weigh on the outlook for demand. Gold was little changed

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