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Powell Reloaded, German Gas Alarm, Jobless Claims - What's Moving Markets

Friday, June 24, 2022
Powell Reloaded, German Gas Alarm, Jobless Claims - What's Moving Markets © Reuters.

By Geoffrey Smith

Investing.com -- Federal Reserve Chair Jerome Powell heads to the House for a second day of Congressional testimony, as monetary tightening continues from the Philippines to Norway and, most likely, Egypt and Mexico. Germany sounds the alarm on natural gas supplies after Russia closes the taps, and the effects of the Ukraine war take an ever-greater toll on the French and German economies. Jobless claims are due, as are earnings from Accenture (NYSE:ACN), Darden Restaurants (NYSE:DRI), Rite Aid (NYSE:RAD) and - after the bell - FedEx (NYSE:FDX). And the government's oil inventory data are delayed by technical problems. Here's what you need to know in financial markets on Thursday, June 23.

1. Powell heads back to Congress; rate hikes continue around the world

Federal Reserve chairman Jerome Powell heads to the House of Representatives for the second day of his regular testimony on the state of the U.S. economy. Powell told the Senate on Wednesday that the risks of a recession have risen, but that the central bank will still prioritize bringing down the highest inflation in a generation.

Powell will take his seat minutes after the week’s update on jobless claims, which have been trending gently, but nonetheless, clearly upward in recent weeks. 

Elsewhere, the tightening of monetary policy around the world continued, with Norway’s central bank raising its key rate by 50 basis points to 1.25%, more than expected. The Philippines also raised, but only by 25 basis points, while Indonesia kept its key rate steady. The central banks of Egypt and Mexico are expected to hike by 50 and 75 basis points respectively when they meet later.

2. Germany sounds the gas alarm

European Natural Gas Futures hit a new three-month high as Germany moved a step closer to rationing natural gas supply, activating the second stage of a three-part plan to ensure security of supplies.

The move formalizes other actions already initiated by Berlin in recent days in response to a 60% cut in Russian gas supplies for reasons the government sees as politically-motivated.  However, the government won’t immediately activate a provision that would have enabled supplies to pass on price increases ahead of contractually-allowed adjustments.

The news comes on a day when the European Union will formally invite Ukraine – or what’s left of it - to join the bloc. Russian artillery strikes have intensified over the last week, damaging two grain export terminals owned by Canadian and U.S. companies in the port city of Mykolaiv. Ukrainian publications also reported that Russians have dismantled and removed the largest solar power plant in Ukraine, a 50-megawatt installation called TokMak.

3. Stocks set to open higher; Accenture, Darden, FedEx earnings due

U.S. stock markets are set to open moderately higher, as investors adjust to the latest commentary on the economic outlook from Powell and others.

By 06:15 AM ET (1015 GMT), Dow Jones futures were up 41 points, or 0.1%, while S&P 500 futures were up 0.3% and Nasdaq 100 futures were up 0.7%.  All three had edged down by between 0.1% and 0.2% after Powell’s first day of testimony.

Stocks likely to be in focus include Accenture and Darden Restaurants, which both report earnings before the open. They’ll provide an insight into current trends in business investment and consumer spending, respectively. FedEx, a bellwether of the online shopping and remote economy in general, reports after the close.

4. European economy slows further; U.K. by-elections eyed

Business activity in the eurozone slid to its lowest level in 16 months in June, as soaring inflation and rising interest rates took a bite out of demand and soured the economic outlook.

S&P Global’s flash June composite purchasing managers index - which combines data from the currency bloc's service and manufacturing sectors - slumped to 51.9 points, down from 54.8 in May, and below analyst estimates.

S&P also said that the U.K. economy was “running on empty” after business expectations there weakened to their lowest level in almost a year and a half. The latest in a string of weak U.K. data come ahead of two by-elections later Thursday, which are expected to show a big swing against the ruling Conservative Party.

5. Oil falls after big rise in API stockpiles, upbeat Iranian comments; EIA data delayed

Crude oil prices fell on optimistic noises out of Teheran on the prospects for a deal that could see western sanctions lifted, smoothing the path to world markets for Iranian exports.

By 6:25 AM ET, U.S. crude futures were down 0.8% at $105.39 a barrel, while Brent crude was down 0.7% at $110.98 a barrel.

There was more bad news for European fuel suppliers earlier as TotalEnergies (EPA:TTEF) was forced to shut down its Donges refinery in France. Elsewhere, the U.S. government said the Energy Information Administration’s weekly inventory data will be delayed due to technical problems. Parallel data from the oil and gas industry body API on Wednesday had shown the biggest weekly rise in crude stocks in over two months.

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26-06-2022 00:52:09 (UTC+7)

EUR/USD

1.0554

+0.0031 (+0.29%)

Summary

Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (5)

Sell (4)

EUR/USD

1.0554

+0.0031 (+0.29%)

Summary

Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (5)

Sell (4)

GBP/USD

1.2272

+0.0012 (+0.10%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (6)

USD/JPY

135.23

+0.29 (+0.22%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (7)

Sell (1)

AUD/USD

0.6944

+0.0055 (+0.80%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (6)

USD/CAD

1.2891

-0.0103 (-0.79%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (5)

EUR/JPY

142.71

+0.71 (+0.50%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (8)

Sell (1)

EUR/CHF

1.0114

-0.0001 (-0.01%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (6)

Gold Futures

1,828.10

-1.70 (-0.09%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (9)

Sell (0)

Silver Futures

21.130

+0.088 (+0.42%)

Summary

Neutral

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (5)

Sell (4)

Copper Futures

3.7365

-0.0025 (-0.07%)

Summary

Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (4)

Sell (4)

Crude Oil WTI Futures

107.06

+2.79 (+2.68%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Brent Oil Futures

113.19

+3.14 (+2.85%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

Natural Gas Futures

6.173

-0.066 (-1.06%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (9)

Sell (1)

US Coffee C Futures

223.40

-5.60 (-2.45%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (7)

Sell (0)

Euro Stoxx 50

3,533.17

+96.88 (+2.82%)

Summary

Neutral

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (4)

Sell (4)

S&P 500

3,911.74

+116.01 (+3.06%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

DAX

13,118.13

+205.54 (+1.59%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (2)

Sell (7)

FTSE 100

7,208.81

+188.36 (+2.68%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (7)

Sell (1)

Hang Seng

21,719.06

+445.19 (+2.09%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (0)

US Small Cap 2000

1,765.74

+54.06 (+3.16%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

IBEX 35

8,244.10

+137.70 (+1.70%)

Summary

Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (3)

Sell (5)

BASF SE NA O.N.

42.215

+0.785 (+1.89%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (7)

Sell (1)

Bayer AG NA

57.79

-0.75 (-1.28%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (2)

Sell (7)

Allianz SE VNA O.N.

181.20

+2.20 (+1.23%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (2)

Sell (4)

Adidas AG

170.36

+3.30 (+1.98%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (3)

Sell (5)

Deutsche Lufthansa AG

5.966

-0.310 (-4.94%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (3)

Sell (6)

Siemens AG Class N

102.62

+3.36 (+3.39%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (6)

Sell (1)

Deutsche Bank AG

8.919

+0.407 (+4.78%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

 EUR/USD1.0554Buy
 GBP/USD1.2272↑ Sell
 USD/JPY135.23↑ Buy
 AUD/USD0.6944↑ Sell
 USD/CAD1.2891↑ Sell
 EUR/JPY142.71↑ Buy
 EUR/CHF1.0114↑ Sell
 Gold1,828.10↑ Buy
 Silver21.130Neutral
 Copper3.7365Sell
 Crude Oil WTI107.06↑ Sell
 Brent Oil113.19↑ Sell
 Natural Gas6.173↑ Buy
 US Coffee C223.40↑ Buy
 Euro Stoxx 503,533.17Neutral
 S&P 5003,911.74↑ Buy
 DAX13,118.13↑ Sell
 FTSE 1007,208.81↑ Buy
 Hang Seng21,719.06↑ Buy
 Small Cap 20001,765.74↑ Buy
 IBEX 358,244.10Sell
 BASF42.215↑ Buy
 Bayer57.79↑ Sell
 Allianz181.20↑ Sell
 Adidas170.36↑ Sell
 Lufthansa5.966↑ Sell
 Siemens AG102.62↑ Buy
 Deutsche Bank AG8.919↑ Buy
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SJC Cantho6,785/ 6,867
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RON 95-V33.47034.130
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