February 6, 2023
United States:
Futures, Bonds Drop on Fed Outlook; Dollar Rises: Markets Wrap
Wall Street equity futures, European stocks and bonds dropped as an unexpectedly strong US jobs report raised the prospect of more rate hikes from the Federal Reserve. Concern over US-China geopolitical tensions also weighed on sentiment.
Contracts on the S&P 500 and the Nasdaq 100 were down by at least 0.6%, but off their lows for the session. The Stoxx Europe 600 index slid after closing Friday in a bull market, with the rates-sensitive technology and real estate sectors leading the retreat.
Europe:
London’s Power Grid at Risk from Union’s Strike Threat
A power network company covering London and the southeast of England could be hit by strikes next month after a trade union said it would ballot workers in a dispute over pay.
Unite said Monday that 1,300 staff at UK Power Networks Holdings Ltd. were unhappy with a raise of 7% for the current financial year, followed by an average of two inflation measures for 2023-24.
Asia:
Indonesia’s Fastest Expansion in Nine Years Faces New Risks
Just as the pace of Indonesia’s economic growth returned to pre-pandemic levels, a slowing global economy has emerged as the biggest threat to sustaining that performance.
Data on Monday showed gross domestic product growth accelerated 5.31% last year, bringing Southeast Asia’s largest economy back to its pre-pandemic trajectory of about 5% annual growth. That was also the fastest pace since 2013 and was in line with the 5.3% median estimate in a Bloomberg survey.
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