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Payrolls, Surging Bond Yields, Weak Stocks, Elon Musk - What's Moving Markets

07 Tháng Năm 2022
Payrolls, Surging Bond Yields, Weak Stocks, Elon Musk - What's Moving Markets © Reuters

By Geoffrey Smith and Peter Nurse

Investing.com -- The bond market continues to flash warning signs about inflation, with the 10-year Treasury yield hitting its highest since late 2018 overnight. The U.S. employment will shed light on whether inflation is weakening the trend in job growth, or whether it’s drawing more people back into the labor market. Elon Musk is a big step closer to completing his acquisition of Twitter and oil prices rise again as the EU tries to remove a stumbling block to its Russian oil embargo. Here’s what you need to know in financial markets on Friday, 6th May.

1. Bonds still flashing warning signs

The bond market continues to flash warning signs after another highly volatile day left markets torn between the twin fears of inflation and recession.

The U.S. 10-year yield, which can be taken as a rough proxy for short-term rates over the next decade, hit a new 3½ year high of 3.10% overnight, reflecting perhaps the realization of how much liquidity conditions will change later in the year when the roll-off of the Fed’s balance sheet accelerates.

The 2-year Treasury yield, however, was less volatile and is set to end the week roughly where it started it. That suggests that market expectations for Fed rates in the next two years haven’t changed much, for all of the volatility witnessed in the last two days.

The overall impression is one of high uncertainty exacerbated by thin liquidity, against a backdrop of rising fear of ‘stagflation’ setting in.

That fear was in evidence on Thursday in response to the Bank of England’s rate hike cum growth downgrade, and the risk of the Eurozone heading the same way is growing by the day. German industrial orders and production both fell sharply in March, while Bank of France Governor Francois Villeroy de Galhau warned that a weak euro risked worsening the inflation picture still further.

2. Payrolls growth set to slow a bit

The U.S. economy is expected to have added another 391,000 jobs in the month through mid-April, a slight slowdown from the previous month’s 431,000.

The official labor market report, due at 8:30 AM ET, is also set to show the jobless rate ticking down to 3.5% of the workforce. However, perhaps the most important numbers in the report will be the participation rate and average hourly earnings.

Record high vacancies and a shortage of workers are allowing wages to grow at rates well above what is consistent with low inflation. As such, any further acceleration in wage growth is likely to revive the fears of higher interest rates that have battered markets this week. Any sign of inactive people returning to the workforce will, by contrast, ease such fears. The participation rate has risen by nearly 1 percent in the last five months as pandemic savings were drawn down, especially by lower income groups.

The New York Federal Reserve President John Williams will speak at 9:15 AM ET, which may add some color and analysis to the report.

3. U.S. stocks set to extend losses at open;

U.S. stock markets are set to extend their losses at the open, after enduring their worst day since the first wave of the pandemic on Thursday.

By 6 AM ET (1000 GMT), Dow futures were down 40 points, or 0.1%, while S&P 500 futures were down 0.3%, and Nasdaq 100 futures were down 0.6%.

Stocks likely to be in focus later include electric vehicle group Lucid (NASDAQ:LCID), which posted a narrower loss than expected after the close on Thursday, as well as Live Nation Entertainment (NYSE:LYV), which reported solid profits as the concert and sports business rebounded.  EOG Resources (NYSE:EOG) also joined the ranks of oil and gas companies enjoying the uplift from crude prices.

Under Armour (NYSE:UAA) also has better-than-expected numbers out this morning, while insurance giant Cigna (NYSE:CI) reports before the open.

4. Musk finds backers for Twitter acquisition

Elon Musk’s bid for Twitter (NYSE:TWTR) looks closer to becoming reality after the Tesla (NASDAQ:TSLA) CEO announced he had found another $7.1 billion in equity backing from a range of wealthy investors. Some, such as Prince Al Waleed bin Talal of Saudi Arabia, are existing shareholders who will keep their stock, while others such as Oracle (NYSE:ORCL) CEO Larry Ellison and bitcoin exchange Binance, will buy for the first time.

Venture capital companies Sequoia and Andreessen Horowitz are also due to inject cash, along with Fidelity and Brookfield Asset Management.

The net effect is to reduce the amount that Musk has to borrow against his Tesla stock by half, significantly reducing the risk of forced liquidations. Tesla stock inched down in premarket despite the news, while Twitter stock held Thursday’s gains to trade at $50.09 by 6 AM ET, less than 10% below Musk’s offer price.

Separate reports suggested that Musk has agreed to take over as CEO temporarily if his bid succeeds.

5. Oil firms as EU acts to remove hurdle to embargo

Oil prices stayed well bid as the European Union tried to remove the biggest stumbling block to its proposed embargo on Russian oil and refined products.

Bloomberg reported officials as saying the EU will exempt give Hungary, Slovakia and Czechia up to two more years to comply with the ban, owing to their disproportionately high dependence on Soviet-era pipelines.

The sanctions package can only come into force with unanimous support. Hungarian Prime Minister Viktor Orban is pressing for a five-year exemption, according to various reports.

By 6 AM ET (1000 GMT), U.S. crude futures were up 2.3% at $110.69 a barrel, while Brent crude was up 2.2% at $113.39.

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24-05-2022 03:59:56 (UTC+7)

EUR/USD

1.0693

+0.0133 (+1.26%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (2)

EUR/USD

1.0693

+0.0133 (+1.26%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (2)

GBP/USD

1.2587

+0.0100 (+0.80%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (1)

USD/JPY

127.89

+0.04 (+0.04%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (11)

AUD/USD

0.7109

+0.0076 (+1.08%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (2)

Sell (4)

USD/CAD

1.2770

-0.0066 (-0.51%)

Summary

Neutral

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (5)

Sell (3)

EUR/JPY

136.76

+1.75 (+1.29%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (6)

EUR/CHF

1.0323

+0.0027 (+0.26%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (7)

Gold Futures

1,852.19

+10.09 (+0.55%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (9)

Sell (0)

Silver Futures

21.784

+0.110 (+0.51%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (9)

Sell (1)

Copper Futures

4.3407

+0.0657 (+1.54%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (7)

Sell (2)

Crude Oil WTI Futures

110.61

+0.33 (+0.30%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (8)

Sell (0)

Brent Oil Futures

110.94

+0.95 (+0.86%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (1)

Natural Gas Futures

8.818

+0.640 (+7.83%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (7)

US Coffee C Futures

215.58

-0.27 (-0.13%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (1)

Euro Stoxx 50

3,708.39

+51.36 (+1.40%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (0)

S&P 500

3,973.75

+72.39 (+1.86%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

DAX

14,175.40

+193.49 (+1.38%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

FTSE 100

7,513.44

+123.46 (+1.67%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (1)

Hang Seng

20,470.06

-247.18 (-1.19%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (3)

Sell (4)

US Small Cap 2000

1,788.91

+15.64 (+0.88%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (6)

Sell (1)

IBEX 35

8,625.80

+141.30 (+1.67%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (0)

BASF SE NA O.N.

49.735

+0.885 (+1.81%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Bayer AG NA

64.47

+0.73 (+1.15%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (8)

Sell (0)

Allianz SE VNA O.N.

199.38

+3.80 (+1.94%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (1)

Adidas AG

175.48

+2.68 (+1.55%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Deutsche Lufthansa AG

6.903

+0.051 (+0.74%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (2)

Sell (3)

Siemens AG Class N

116.70

+1.62 (+1.41%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (7)

Sell (1)

Deutsche Bank AG

10.018

+0.656 (+7.01%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

 EUR/USD1.0693↑ Buy
 GBP/USD1.2587↑ Buy
 USD/JPY127.89↑ Sell
 AUD/USD0.7109Neutral
 USD/CAD1.2770Neutral
 EUR/JPY136.76↑ Sell
 EUR/CHF1.0323↑ Sell
 Gold1,852.19↑ Buy
 Silver21.784↑ Buy
 Copper4.3407↑ Buy
 Crude Oil WTI110.61↑ Buy
 Brent Oil110.94↑ Buy
 Natural Gas8.818↑ Sell
 US Coffee C215.58↑ Buy
 Euro Stoxx 503,708.39↑ Buy
 S&P 5003,973.75↑ Buy
 DAX14,175.40↑ Buy
 FTSE 1007,513.44↑ Buy
 Hang Seng20,470.06Neutral
 Small Cap 20001,788.91↑ Sell
 IBEX 358,625.80↑ Buy
 BASF49.735↑ Buy
 Bayer64.47↑ Buy
 Allianz199.38↑ Buy
 Adidas175.48↑ Buy
 Lufthansa6.903Neutral
 Siemens AG116.70↑ Buy
 Deutsche Bank AG10.018↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,890/ 6,990
(0/ 0) # 1,765
SJC HCM6,905/ 6,995
(0/ 0) # 1,769
SJC Hanoi6,905/ 6,997
(0/ 0) # 1,771
SJC Danang6,905/ 6,997
(0/ 0) # 1,771
SJC Nhatrang6,905/ 6,997
(0/ 0) # 1,771
SJC Cantho6,905/ 6,997
(0/ 0) # 1,771
Cập nhật 24-05-2022 03:59:58
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ↀ Giá vàng thế giới
$1,853.41+7.590.41%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V31.25031.870
RON 95-III30.65031.260
E5 RON 92-II29.63030.220
DO 0.05S25.55026.060
DO 0,001S-V26.35026.870
Dầu hỏa 2-K24.40024.880
ↂ Giá dầu thô thế giới
WTI$109.98-0.28-0.25%
Brent$111.20-0.66-0.60%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.005,0023.315,00
EUR23.899,8625.238,69
GBP28.277,1029.483,51
JPY176,47186,83
KRW15,8019,25
Cập nhật lúc 18:52:02 23/05/2022
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