August 26, 2022
United States:
Stocks Waver, Dollar Falls With Focus on Powell: Markets Wrap
Stocks fluctuated, with traders weighing economic data and the latest remarks from Federal Reserve officials ahead of Jerome Powell’s speech at Jackson Hole.
The S&P 500 swung between gains and losses. Treasury 10-year rates remained above 3%, while the dollar retreated.
Europe:
French Electricity Price Exceeds 1,000 Euros for First Time
French electricity for next year soared past 1,000 euros ($1,000) on Friday, the latest record in a rally that’s seen the futures contract gain more than 10 times in the past year.
Prices across Europe are setting new highs on an almost daily basis as Russia constricts the supply of natural gas ahead of the crucial winter heating period. The unprecedented surge in energy costs is fueling inflation and threatening the finances of households and businesses across Europe.
Asia:
Some China Banks Change Fixing Models as Yuan Weakness Deepens
Some Chinese banks have pushed back against the yuan’s recent depreciation, effectively helping to limit further declines in the currency versus the dollar as authorities try to curb one-way bets.
The People’s Bank of China set its daily yuan reference rate at stronger-than-expected levels this week, signaling its desire to slow the pace of the currency’s drop. At least two banks that submit fixing quotations tweaked their models to lean against the yuan weakness, according to people at the banks who declined to be identified as they are not authorised to speak to the media. There are 14 such banks that submit daily quotations for the fixing calculation.
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