July 18, 2022
Equity Futures Gain as Rate Bets Ease; Bonds Fall: Markets Wrap
US equity futures rose while bonds retreated on speculation the Federal Reserve will take a more measured approach to policy tightening, easing recession fears.
Contracts on the Nasdaq 100 and S&P 500 pared earlier gains of more than 1% but remained higher after Gazprom reportedly declared a “force majeure” on gas supplies to Europe to at least one major customer. The benchmark Treasury yield rose 6 basis points, closing in on the 3% threshold.
EU Signs Deal to Double Azeri Gas Imports in Shift From Russia
The European Union reached a deal to double natural gas imports from Azerbaijan in a bid to help replace Russian fossil fuels amid a worsening energy crisis following President Vladimir Putin’s invasion of Ukraine.
Hong Kong Stocks Rebound After Flirting With Correction Levels
Hong Kong’s stocks climbed on Monday, with a rally in beaten-down property and technology names helping the benchmark index rebound from the brink of a technical correction.
The Hang Seng Index jumped 2.7%, snapping a five-day loss. Country Garden Holdings Co. — China’s largest builder — was among the top gainers following a report that the nation’s banking regulator urged lenders to support the real estate sector amid a growing mortgage boycott. A gauge of tech shares closed 3% higher.
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