Overnight Market Wrap: 29 September 2022

Overnight Market Wrap: 29 September 2022

Key Points:

  • Japan and Hong Kong’s equity futures trade 2% higher
  • Dollar rally eases, reducing pressure on pound, yuan

Asian equities are set to jump following the strongest day for US stocks since early August after the Bank of England unveiled a bond-buying program that triggered a global rally in government debt.

Stock futures for Japan and Hong Kong rose more than 2% while contracts for Australia also climbed. The S&P 500 advanced 2% to snap a six-day losing streak, helped along by a surge in Amazon.com Inc. shares after the company unveiled a push further into wellness, security and the auto industry.

The rally in risk assets was triggered by the BOE’s plan to purchase up to £65 billion ($71 billion) in UK government debt over the next two weeks. The move averted a crisis for retirement funds and looks set to lift risk sentiment in Asia’s markets Thursday. The BOE’s bond buying buoyed the pound, which recently fell to the lowest since 1985. 

Federal Reserve officials continued to hammer home the central bank’s hawkish outlook. Altanta Fed President Raphael Bostic said he anticipated another 75 basis points hike in November and a further 50 basis points in December.

European Union officials unveiled fresh economic limits on Russia in response to further annexing of Ukraine. The new round of sanctions would bar sales of Russian oil by third party countries beyond a set price cap. The plan would inflict around $6.7 billion in economic pain on Russia.

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