November 14, 2022
US Futures Wilt Against Fed Caution, Rising Yields: Markets Wrap
US stock futures declined Monday and Treasury yields rose as a cautious tone from a Fed speaker tempered some of the ebullience that inflation may have peaked.
Contracts on the tech-heavy Nasdaq 100, typically more sensitive to interest rates, slipped 0.6% while those on the S&P 500 dropped 0.4%. Losses in New York premarket trading were concentrated in tech names, with Tesla Inc., chipmakers Nvidia Corp., Intel Corp. and Micron Technology Inc. shedding as much as 1.5%. Europe’s Stoxx 600 benchmark rose to a near three-month high, and Chinese shares rallied for a second day on hopes the country’s Covid zero isolation would soon end.
European Gas Jumps as Cold Snap Forecast to Boost Demand
Gas prices surged on forecasts for colder weather and as supplies from Norway, Europe’s biggest exporter, are crimped by outages.
Benchmark futures rose as much as 11% after losing 15% last week. It should get cooler in Germany and Northern Europe by the coming weekend and into early next week, according to forecaster Maxar Technologies LLC. That may force people to start using heaters after a prolonged delay thanks to what had been unseasonably high temperatures.
India’s October Inflation Falls Below 7% in Respite for RBI
India’s retail inflation fell below 7% for the first time in three months, helped by tighter monetary policy and cooling global commodity prices.
The consumer-price index for October rose 6.77% from a year earlier, compared with 7.4% in September, according to data released by India’s statistics ministry on Monday. That was in line with the 6.7% estimate in a Bloomberg survey.
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