August 11, 2022
Stock Futures Climb as Traders Assess Resolute Fed: Markets Wrap
US stock futures rose, signaling an extension of the rally spurred by Wednesday’s softer-than-expected US inflation data, even as Federal Reserve officials remained resolute on the need for further interest-rate increases.
S&P 500 contracts advanced 0.5% after the underlying gauge hit a three-month high in the previous session. Those on the Nasdaq strong 100 also added 0.5% after the tech heavy index pulled 20% above a June low. Walt Disney Co. jumped in premarket following a performance by its streaming service. Bumble Inc. slid as the dating app company cut its revenue forecast.
German Fertilizer Maker Sees Possible 25% Drop in Gas Supplies
German chemicals company K+S AG said natural gas availability at its sites in the country may fall by as much as a quarter, and warned of a potential impact on production.
“For the first time, the outlook assumes a scenario in Q4 for a 25% reduction in natural gas availability at all German sites and increased gas costs” that could run to a “low triple-digit million euro amount,” the company, whose products include fertilizers and salts, said in an earnings report.
China’s Central Bank Warns of Inflation Risks as CPI Climbs
The People’s Bank of China said it will safeguard the economy against inflation threats, pledging to avoid massive stimulus and excessive money printing to spur growth.
The central bank will both support economic growth and ensure stable prices, the PBOC said in its quarterly monetary policy report released Wednesday. At the same time, it will provide stronger and higher-quality support to the real economy, it said.
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