November 21, 2023
United States:
US Futures Fall as Stocks Rally Seen Stretched: Markets Wrap
US equity futures slipped on Tuesday as some investors questioned the sustainability of a powerful rally fueled by expectations of a Federal Reserve pivot to rate cuts.
Goldman Sachs Group Inc. strategists said there is a risk of “disappointment in the near term” amid lingering concerns about economic growth and inflation, after the S&P 500 surged to its strongest close since August and the Nasdaq 100 hit a 22-month high on Monday. Jefferies International’s Mohit Kumar said any push-back by by central banks against rate cuts could cut the rally short.
https://www.bloomberg.com/news/articles/2023-11-20/stock-market-today-dow-s-p-live-updates
Europe:
German Budget Crisis Deepens With Freeze on New Spending
Germany imposed an emergency spending freeze in response to last week’s ruling by the country’s top court, deepening an unprecedented budget crisis that has rocked Europe’s biggest economy.
Chancellor Olaf Scholz’s government has been racing to work out the implications of the Constitutional Court judgment, which called into question hundreds of billions of euros of financing in special funds that are not part of the regular federal budget.
Asia:
China Property Stocks Surge, With Sunac Rallying 27%, After Beijing Picks 50 Firms to Fund
Chinese developers’ bonds gained along with their shares after authorities began drafting a list of 50 real estate firms that would be eligible for a range of financing as Beijing sought to support the embattled property sector.
A Bloomberg gauge of China developer stocks gained as much as 7.6% to head for its biggest advance since September. Sunac China Holdings Ltd., the first major Chinese builder to reach a restructuring agreement, led the sector’s rise as it rallied as much as 27%. Seazen Group Ltd. and Agile Group Holdings Ltd. also climbed.
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