Futures Pointing To Initial Strength On Wall Street

[ADVFN]( [[Global Email] World Daily Markets Bulletin]( Friday, 11 March 2022 08:55:33 [ADVFN Twitter]( [Monitor]( [Quote]( [Charts]( [News]( [Toplists]( [Boards]( [Watch A.I. Forecast Your Stocks in Less than a Minute]( Artificial intelligence makes trading simple. See what stocks are on the rise this week, and what trades you should probably exit?before it?s too late. Save your seat at our LIVE online demonstration and see your stock forecasted today. [Join LIVE online demonstration]( --------------------------------------------------------------- US Market Bitcoin [Bitcoin]( DAX [DAX]( Dow Jones [Dow Jones]( Nasdaq [Nasdaq]( The major U.S. index futures are currently pointing to a higher open on Friday, with stocks likely to extend the recovery from yesterday?s early lows. The upward momentum on Wall Street comes amid optimism about a potential ceasefire in the ongoing Russia-Ukraine conflict. While the fighting currently continues, Russian President Vladimir Putin has said that ?certain positive shifts? have occurred in talks between the two sides. Traders are likely to keep a close eye on developments in the commodities markets, as stocks have largely moved inversely to the price of crude oil in recent sessions. After coming under pressure in morning trading on Thursday, stocks showed a notable recovery attempt over the course of the afternoon. The major averages climbed well off their worst levels of the day but remained in negative territory. The Dow tumbled by more than 460 points at its worst levels of the day but closed down a relatively modest 112.18 points or 0.3 percent at 33,174.07. The Nasdaq slumped 125.58 points or 1 percent to 13,129.96 and the S&P 500 fell 18.36 points or 0.4 percent to 4,259.52. The early weakness on Wall Street reflected ongoing concerns about the Russia-Ukraine, as peace talks between the countries resulted in little progress on key issues. After speaking with his Russian counterpart, Ukraine Foreign Minister Dmytro Kuleba said no progress had been made on Ukraine's proposal for a 24-hour ceasefire or the establishment of a humanitarian corridor to and from the besieged city of Mariupol. An early rebound by oil prices also weighed on the markets, but stocks began to recover as the price of crude oil pulled back off its highs and eventually ended sharply lower. The markets have recently traded inverse to oil prices amid concerns about inflation, which were exacerbated by a report from the Labor Department showing a continued acceleration in the annual rate of U.S. consumer price growth in the month of February. The report showed the annual rate of consumer price growth accelerated to 7.9 percent in February from 7.5 percent in January, reaching the highest rate since January 1982. The faster year-over-year price growth came as consumer prices climbed by 0.8 percent in February after rising by 0.6 percent in January. The increase in prices matched economist estimates. Excluding food and energy prices, core consumer prices rose by 0.5 percent in February following a 0.6 percent increase in January. The core price growth also matched expectations. The annual rate of core consumer price growth accelerated to 6.4 percent in February from 6.0 percent in January, showing the fastest growth since August 1982. A separate report from the Labor Department showed a modest increase in initial jobless claims in the week ended March 5th. The report showed initial jobless claims crept up to 227,000, an increase of 11,000 from the previous week's revised level of 216,000. Economists had expected jobless claims to tick up to 216,000 from the 215,000 originally reported for the previous week. Semiconductor stocks turned in some of the market's worst performances on the day, dragging the Philadelphia Semiconductor Index down by 2.2 percent. Significant weakness was also visible among banking stocks, as reflected by the 1.1 percent drop by the KBW Bank Index. On the other hand, energy stocks rebounded strongly even though the price of crude oil turned lower over the course of the session. Reflecting the strength in the energy sector, the Philadelphia Oil Service Index spiked by 4.3 percent and the NYSE Arca Oil Index jumped by 25 percent. Retail, steel and gold stocks also moved to the upside over the course of the session, helping offset the weakness in some other sectors. --------------------------------------------------------------- [Is Biden About to Ban Bitcoin?]( The government is so afraid of cryptocurrency that some worry Biden will ban Bitcoin using a "backdoor" approach. Investors who know what to do could grow their money 60-fold in the months ahead. [Get details here.]( --------------------------------------------------------------- U.S. Economic Reports CADUSD [CADUSD]( Oil [Oil]( Gold [Gold]( EURUSD [EURUSD]( The University of Michigan is scheduled to release its preliminary reading on consumer sentiment in the month of March at 10 am ET. The consumer sentiment index is expected to dip to 61.3 in March from 62.8 in February. --------------------------------------------------------------- --------------------------------------------------------------- Europe European stocks have advanced on Friday after a sell-off in the previous session following ECB's hawkish surprise, as soaring inflation outweighs concerns about Russia's invasion of Ukraine. While the German DAX Index has spiked by 3 percent, the French CAC 40 Index is up by 2.3 percent and the U.K.?s FTSE 100 Index is up by 1.4 percent. Italian fashion group Tod's has jumped. The company expressed optimism for 2022 after swinging to an operating profit in 2021 on higher sales. Lanxess AG shares have also rallied. The German specialty chemicals company reported a decline in earnings for the full year while sales improved from last year. Fraport AG shares have also surged. Frankfurt Airport said it welcomed some 2.1 million passengers in February 2022, an increase of 211.3 percent from a year ago. French ophthalmic company EssilorLuxottica has also spiked. The company reported that its net profit attributable to owners of the parent for fiscal year 2021 climbed to 1.46 billion euros from last year's 85 million euros. Berkeley Group has also moved higher in London. While issuing a trading Update for the period from 1 November 2021 to 28 February 2022, the property developer and housebuilder said the Group remains on track to meet its earnings guidance for the year ending 30 April 2022, and the subsequent three years. In economic news, German consumer price inflation rose to 5.1 percent in February from 4.9 percent in January, final results from the statistical office Destatis revealed. The rate matched the flash estimate published on March 1. U.K. GDP grew 0.8 percent in January, in contrast to the 0.2 percent fall in December, when the Omicron variant of the coronavirus and Plan B restrictions had a more significant impact, official data showed. Economists had forecast a marginal growth of 0.2 percent for January. --------------------------------------------------------------- --------------------------------------------------------------- Asia USDCAD [USDCAD]( USDEUR [USDEUR]( USDGBP [USDGBP]( USDJPY [USDJPY]( Asian stocks tumbled on Friday as surging U.S. inflation drove bond yields higher and raised expectations that interest rate hikes will be steeper. Chinese and Hong Kong markets were in focus after Chinese stocks in the U.S. plummeted to around 14-year lows amid renewed regulatory concerns. China's Shanghai Composite Index reversed early losses to end 0.4 percent higher at 3,309.75, while Hong Kong's Hang Seng Index dropped 1.6 percent to 20,553.79. Japanese shares slumped after the foreign ministers of Ukraine and Russia failed to reach peace during the highest-level meeting in three weeks of war on Thursday. The Nikkei 225 Index plunged 527.62 points, or 2.1 percent, to 25,162.78 and ended down 3.2 percent for the week. The broader Topix dropped 1.7 percent to settle at 1,799.54. Tech investor SoftBank Group led losses to end 6.2 percent lower on concerns over its heavy exposure to China. Uniqlo store operator Fast Retailing declined 2.3 percent and chipmaking giant Tokyo Electron fell 2.7 percent. Australian markets fell after Reserve Bank of Australia governor Philip Lowe warned borrowers to start preparing for higher interest rates. The benchmark S&P/ASX 200 Index ended down 67.20 points, or 0.9 percent, at 7,063.60, with banking and technology stocks leading the losses. The broader All Ordinaries Index shed 71.60 points, or 1 percent, to finish at 7,339.30. Xero plunged 5.9 percent and WiseTech Global gave up 4 percent, while miners eked out modest gains on strong iron ore prices. Energy stocks such as Woodside Petroleum and Origin Energy rose over 1 percent as oil prices clawed back some lost ground. Seoul stocks fell notably, with the benchmark Kospi ending down 19.04 points, or 0.7 percent, at 2,661.28. Tech stocks underperformed on renewed worries about the Fed's policy tightening. Market bellwether Samsung Electronics lost 1.7 percent, No. 2 chipmaker SK Hynix gave up 2.5 percent and giant battery maker LG Energy Solution plunged 6.4 percent. --------------------------------------------------------------- Do you have a full view of the market? Level 2 lets you see all of the orders to buy and sell shares, allowing you to see what is really going on in the market. If you don?t have this in your trading toolkit, you?re at a serious disadvantage. [Learn More / Upgrade]( --------------------------------------------------------------- Commodities Crude oil futures are inching up $0.21 to $106.23 a barrel after tumbling $2.68 to $106.02 a barrel on Thursday. Meanwhile, after rising $12.20 to $2,000.40 an ounce an ounce in the previous session, gold futures are slumping $21.40 to $1,979 an ounce. On the currency front, the U.S. dollar is trading at 116.88 yen versus the 116.14 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.0996 compared to yesterday?s $1.0986. --------------------------------------------------------------- To unsubscribe from this news bulletin or edit your mailing list settings click [here](. Registered Office/Accounts Dept: Suite 27, Essex Technology Centre, The Gable, Fyfield Road, Ongar, CM5 0GA. Customer Support +1 888-992-3836. Company registered in England and Wales: Number 2374988 VAT No. GB 549 2130 49