August 25, 2022
Futures Rise as China Lifts Mood Ahead of Powell: Markets Wrap
US futures rose Thursday as data painted a mixed picture of the economy in the anxious wait for a key speech by Federal Reserve Chair Jerome Powell. Treasury yields ticked higher and a dollar gauge dipped.
Contracts on the S&P 500 and Nasdaq 100 advanced in the wake of positive closes for both gauges. The government’s main measures of US growth pointed in different directions in the first half of 2022, data showed Thursday, underpinning further debate on the health of the economy.
Euro-Zone Is Already in Recession on Energy Squeeze, UBS Says
The euro area has already entered a “shallow” recession that’s been triggered by surging energy prices and will last through year-end, according to economists at UBS Group AG.
The 19-nation economy will shrink by 0.1% in the third quarter and 0.2% in the fourth, the analysts predicted Thursday in a report to clients. Despite that, they upgraded their full-year outlook after a strong performance in the three months through June. The growth forecast for 2023 was cut to 0.8% from 1.2%.
China’s Cnooc More Than Doubles Profits on Higher Oil Prices
Cnooc Ltd. more than doubled its first half profits from a year ago as China’s biggest offshore driller benefited from sky-high oil and gas prices.
The firm posted 71.9 billion yuan ($10.5 billion) in profits in the first half of the year, more than doubling the 33.3 billion yuan earnings it made in the same period last year, according to an exchange filing. Last month it flagged that net income would be 70.5 billion to 72.5 billion yuan in a preliminary filing.
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