December 29, 2022
US Futures Rise After Jobs Data; Dollar Declines: Markets Wrap
US equity-index futures gained on Thursday after data showed applications for unemployment benefits rose last week, but remained near historic lows, underscoring the resilience of the labor market despite the Federal Reserve’s aggressive monetary tightening.
Contracts on the tech-heavy Nasdaq 100 rose more than 0.9% following gains for Asian technology stocks earlier amid signs China is easing a regulatory crackdown. Contracts on the S&P 500 were up about 0.6%. Tesla Inc. climbed more than 4% in premarket trading, with tech giants including Apple Inc. Amazon.com Inc. also among the biggest gainers.
European Stocks Steady as Tech Gains, China Covid Surge in Focus
European equities were little changed on the penultimate trading day of 2022, as technology stocks gained while risks related to a new surge in Covid-19 cases in China returned to investors’ radars.
The Stoxx 600 index was up less than 0.1% at 9:40 a.m. in London after erasing a drop of 0.6%. The gauge, which is down 12% this year, posted declines earlier in the session, as US and Italy joined an increasing number of nations requiring Covid tests for travelers from China.
China Vows ‘Appropriate’ Fiscal Expansion to Aid Economic Growth
China vowed to expand fiscal spending “appropriately” next year while “optimizing” policy tools including fiscal deficit and special debt as part of efforts to support the nation’s key strategic development.
Government investment will play a stronger role in leading private investment, boosting consumption and stabilizing foreign trade and investment, according to a statement posted on the Ministry of Finance’s website Thursday.
Analyst Certification – The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.
Company Disclosure – The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may affect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.