Germany labor cost index; UK Bank of England/Ipsos Inflation
Attitudes Survey; trading updates from Anglo American, Associated
Shares may post mild gains at the open after U.S. indexes ticked
higher overnight, as traders turn to upcoming inflation data in the
U.S. In Asia, stock benchmarks, oil and gold advanced; Treasury
yields were mixed, while the greenback weakened.
Stock futures point to slight gains in Europe at Friday's open
after the S&P 500 snapped a five-session losing streak
Investors were encouraged by weekly U.S. jobs data Thursday
showing the number of continuing jobless-benefit claims rose to the
highest level since February, which was interpreted as reducing
some of the pressure on the Federal Reserve to continue to raise
interest rates, said Richard Farr, chief market strategist at
Merion Capital Group.
"The small increase in unemployment claims may be viewed by some
as a reason to reduce recession odds," Farr said.
Some economists suggest that it is too early to interpret higher
jobless claims as a signal of a loosening labor market because
seasonal issues could make it difficult to assess.
"Weak hiring during the holidays and weak incentives for workers
to begin a new job around the holidays help push continuing claims
higher from Thanksgiving through to New Year's," wrote Isfar Munir,
U.S. economist at Citi, in a Thursday note. "While continuing
claims have been rising for a few weeks now, the usual seasonal
pattern prevent us from drawing any clear conclusions from the
jobless claims data."
Even with Thursday's gains, investors are focused on coming
inflation reports-producer prices on Friday and consumer prices on
Tuesday-and next week's Fed meeting, said Louis Navellier, founder
of Navellier & Associates. The expectation is for tame
inflation reports and a dovish Fed statement. "We're just treading
water, waiting to get all the good news," he said.
Read: Financial markets are flashing a warning that a recession
is imminent: here's what it means for stocks
The dollar weakened early Friday. "Unemployment claims were up,
and in the continuing saga of bad news being good news, equities
reacted positively," said Daniel Berkowitz, senior investment
officer for Prudent Management Associates.
He added that "a gradually cooling jobs market offers insight
into more far-reaching impacts on the economy."
If upcoming consumer-price index and producer-price index
readings show moderating inflation, "there's a case to be made that
inflation truly has peaked," he said.
The dollar and Treasury yields have risen this year as the Fed
raised rates to fight inflation, and have often fallen this year
when economic data suggested cooling inflation, which in turn could
lead the Fed to slow the pace of rate increases.
Treasury yields were mixed in Asia after rising Thursday as
investors turned their attention to producer-price index data.
Some analysts attributed Thursday's rise in yields to
profit-taking by bondholders ahead of the November PPI report.
With a relative dearth of major U.S. macroeconomic information
on Thursday, investors continued to contemplate the prospect of a
still too-strong U.S. economy and whether a soft landing is
"anywhere near achievable," said SPI Asset Management.
Ahead of next week's FOMC meeting, "the market is increasingly
sensitive to every data point" and "tomorrow's PPI report is a
potential game changer," said Stifel, Nicolaus & Co. Chief
Economist Lindsey Piegza. The report "could undermine the Fed's
plans for a pivot to a less aggressive policy" if producer price
pressures fail to retreat.
Crude oil prices rebounded in Asia amid a mixed outlook after
While optimism for China's eventual reopening is helping to
support prices, oil is unlikely to move sharply higher due to
looming fears of slowing global economic growth, said IG.
Reactions to the Russian oil price cap and the closure of the
Keystone oil have been largely muted or short-lived, IG added.
Gold prices rose early Friday ahead of the release of key U.S.
The price of the precious metal is likely to remain around the
$1,800/oz level ahead of the release of inflation expectations by
the University of Michigan, said Oanda.
Investors are also likely watching for any further comment from
the FOMC on when interest rates are expected to peak, Oanda
Copper prices advanced, sustaining a strong rally amid broad
gains in base metals over recent weeks on the back of China
reopening hopes and optimism for economic recovery.
ANZ pointed to a host of positive signals for copper demand,
including the continued relaxation of pandemic curbs by Beijing and
signs of stabilization in the country's real estate sector, which
is a key source of copper demand.
ANZ said investor sentiment will remain buoyed by
better-than-expected November import data, which could underpin
more upbeat expectations for copper demand from the world's
Meanwhile, Morgan Stanley highlighted aluminum, iron ore and
metallurgical coal as their top commodities picks in the China
reopening trade, and said it remains positive on gold, too.
Morgan Stanley cited tight supply, hydropower shortage and a
demand pickup in China as reasons to bet on aluminum. For iron ore,
the bank expects seasonally tight 1H supply and a backlog of
infrastructure projects. Metallurgical coal is likely to get
support from strong thermal-coal prices, as well as modestly
improving demand outside China.
Chinese iron ore futures rose sharply, extending its recent bull
Galaxy Futures said buying interest will remain elevated as
investors seek to position for an expected demand bounce next year
amid China's reopening from the pandemic and stabilizing
Supply dynamics also look favorable for prices, ANZ said, noting
that major iron ore miner Vale recently slashed its output guidance
due to production disruptions.
TODAY'S TOP HEADLINES
Banks Should Be Wary of Crypto, Top U.S. Regulator Says
Banks should take a cautious approach to digital asset markets,
including discussing any new plans with regulators, a top U.S.
banking authority said, pointing to ongoing turmoil among crypto
Crypto industry risk management lacks maturity, and some
industry practices mean trouble in one firm could spill over to
others, the Office of the Comptroller of the Currency said
SEC Asks Public Companies for More Information About Crypto
WASHINGTON-The Securities and Exchange Commission is asking
public companies to detail their exposure to distressed crypto
entities following the collapse of trading platform FTX and its
In a notice posted to its website Thursday, the SEC said
companies may have disclosure obligations related to the direct or
indirect impact that recent crypto bankruptcies may have had on
their businesses. It provided a list of sample questions that
agency staff may pose to certain issuers based on their
Senate Democrats Press Ahead With Their Own Spending Plan as
WASHINGTON-A top Senate Democrat said that his party planned to
introduce an omnibus spending bill Monday, aiming to pressure
Republicans to accept a deal or risk an alternative that would
freeze government spending at current levels for the full year and
cut off the ability to reallocate money in military and other
Senate Appropriations Committee Chairman Patrick Leahy (D., Vt.)
said that the measure would provide military funding at the level
Congress is authorizing in its separate defense policy bill-some
$858 billion, or roughly a 10% increase-while also paying for what
he called a needed increase to nondefense programs.
U.S. to Levy Human-Rights Sanctions on Russia, China
WASHINGTON-The U.S. is set to levy fresh sanctions against
Russia and China on Friday, actions that include targeting Russia's
deployment of Iranian drones in Ukraine, alleged human-rights abuse
by both nations and Beijing's support of alleged illegal fishing in
the Pacific, according to officials familiar with the matter.
The bulk of the expected sanctions are to be imposed under the
Global Magnitsky Act, named after a whistleblower who died in a
Moscow jail after accusing officials of corruption. The U.S., by
using those powers to sanction high-profile government, military
and business officials accused of human-rights abuses and
corruption, says it aims to hold them accountable and deter
Credit Suisse Completes $2.4 Billion Capital Raise as It
Advances Cost Cuts
Credit Suisse Group AG said Thursday that it completed its
latest rights offering and had put into action around 80% of the
cost cuts it planned for 2023, as the bank maintains course through
its painful strategic review.
The Swiss lender said that 98.2% of rights offered had been
exercised, or around 873 million new shares, until the end of the
rights period at midday Zurich time on Thursday.
U.S. Sanctions Turkish Businessman It Says Brokered Oil Sales
for Iran's Military
The Biden administration on Thursday levied sanctions against
several Turkish businessmen and more than two dozen Turkish
companies that officials said were selling oil worth hundreds of
millions of dollars for Iran's terror-listed military unit.
The action against Sitki Ayan and the firms the U.S. Treasury
Department said he used to broker sales for the Islamic
Revolutionary Guard Corps' Quds Force is a part of a broader effort
to increase pressure on Tehran as talks over Iran's nuclear program
flounder, according to analysts.
FTC Sues to Block Microsoft's Acquisition of Activision
The Federal Trade Commission Thursday sued Microsoft Corp. to
block its planned $75 billion acquisition of Activision Blizzard
Inc., taking one of its biggest shots under the Biden
administration at halting a merger of technology giants.
The lawsuit sets the stage for a court challenge over the deal
as Microsoft agreed as part of negotiations with the "Call of Duty"
publisher to defend the acquisition against a government
Google Ad Software Disrupted for Publishers Large and Small
Google's widely used advertising software for publishers
suffered an outage of more than 2 1/2 hours Thursday evening that
affected numerous publications large and small.
During the outage, publishers who use Google Ad Manager couldn't
make their ad inventory available in exchanges for automated
buying, according to publishers who use the technology. They also
weren't able to load any ads that the publication had sold
directly, the publishers said.
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Expected Major Events for Friday
05:30/NED: Oct Manufacturing output
06:00/FIN: Oct Industrial Production
07:00/GER: 3Q Labour cost index
07:00/DEN: Oct Balance of payments (provisional figures)
07:00/DEN: Oct External trade (provisional figures)
07:00/NOR: Nov PPI
07:00/NOR: Nov CPI
08:00/SVK: Oct Foreign trade
08:00/SPN: Oct Industrial Production
08:00/SPN: 3Q Housing Price Index
08:00/SVK: Oct Industrial production
08:00/AUT: Oct Production Index
09:00/BUL: Oct Industrial Production
09:30/UK: Nov Bank of England/Ipsos Inflation Attitudes
10:00/CRO: Oct Foreign Trade
10:00/MLT: Oct Industrial Production Index
10:00/GRE: Nov CPI
10:00/GRE: Oct Industrial Production Index
10:00/LUX: Oct Industrial Production
11:00/POR: Oct International trade statistics
15:59/UKR: 3Q GDP
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(END) Dow Jones Newswires
December 09, 2022 00:16 ET (05:16 GMT)
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