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Sterling falls as BoE expects recession, U.S. futures up

By Huw Jones LONDON (Reuters) - Sterling fell on Thursday after the Bank of England followed its counterparts in the United States and euro zone with a hefty hike in interest...

By Huw Jones

LONDON (Reuters) - Sterling fell on Thursday after the Bank of England followed its counterparts in the United States and euro zone with a hefty hike in interest rates to quell inflation, saying Britain faces a lengthy recession.

As widely expected, the BoE increased rates by 50 basis points to 1.75%, its sixth increase since December but the biggest since 1995.

The UK economy would begin to shrink in the final quarter of 2022 and contract throughout next year, making it the longest recession since after the global financial crisis, the central bank said.

"The main surprise seems to be the somewhat downbeat economic forecasts that we have also been given, which are showing a recession expected in Q4 and lasting through 2023," said Stuart Cole, head macro economist at Equiti Capital.

"That is somewhat worse than what we had seen in May, where the outlook was for one or two difficult quarters of low or negative growth, and then a recovery."

Sterling was down 0.2% at $1.2122 after being slightly firmer ahead of the BoE announcement.

British gilt yields fell sharply, with euro zone bond yields extending their fall after the BoE statement.

S&P 500 futures were firmer ahead of Wall Street's open and the latest jobless claims data, though Friday's non-farm payrolls will be more closely watched.

Stocks were steadier overall on Thursday, helped by strong earnings in Europe while Asian shares recovered some of Wednesday's losses driven by tension over Nancy Pelosi's visit to Taiwan.

The STOXX index of leading European companies gained 0.5%, helped by German airline Lufthansa returning to an operating profit, and strong earnings from commodities giant Glencore (OTC:GLNCY). French bank Credit Agricole (OTC:CRARY) joined the growing roster of better-than-expected earnings at banks.

Shares in Hong Kong rose 2%, tracking broader gains in Asia, reeling in some of the losses suffered after Sino-U.S. frictions flared over a visit to Taipei this week by House of Representatives Speaker Pelosi, which angered China.

Oil prices stabilised after hitting six-month lows, while the dollar was underpinned by U.S. Federal Reserve officials pushing back against suggestions they will slow the pace of interest rate hikes, with one saying a 50 basis point hike would be "reasonable". A survey from the European Central Bank showed that consumers in the euro zone are bracing for the economy to shrink and for high inflation to continue.

NO EARNINGS RESET YET

Kasper Elmgreen, head of equities at asset manager Amundi, said the illusion that decades-high inflation would be transitory was now firmly gone as fuel bills surge and companies have difficulties finding staff.

"The big picture here is that it's going to require quite a lot to restore price stability. The risk here is that we underestimate how powerful a force it is we are dealing with," Elmgreen said.

The second quarter earnings season now underway has not provided a major "reset" to what Elmgreen sees as still too high earnings expectations for 2022 overall given the economy is slowing.

"I think that might come in the third quarter or fourth quarter as we start to see more demand impact," Elmgreen said.

Fed officials have provided a hawkish chorus this week, battering the short end of the yield curve. Two-year Treasury yields were trading at 3.0938%, down slightly, while the benchmark 10-year year yields traded at 2.7209%, also slightly weaker.

The dollar has halted a decline that began in the middle of July, with support from both rate hike expectations and heightened political tension. [FRX/]

Fed funds futures remain priced for rate cuts to be under way by the middle of next year and the inversion of the U.S. yield curve, with 10-year yields below two-year yields, suggests investors think that the hiking path will hurt growth.

The dollar index was trading at 106.27, down 0.178%. A euro weighed by Europe's energy crisis bought $1.0188.

Brent crude futures were slightly firmer at $96.82 a barrel as supply concerns triggered a rebound from multi-month lows on Wednesday after U.S. data signalled weak fuel demand.

Spot gold rose 0.9% to $1,781 an ounce.

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13-08-2022 16:51:39 (UTC+7)

EUR/USD

1.0261

-0.0056 (-0.54%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (6)

Sell (2)

EUR/USD

1.0261

-0.0056 (-0.54%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (6)

Sell (2)

GBP/USD

1.2135

-0.0076 (-0.63%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (3)

Sell (5)

USD/JPY

133.46

+0.46 (+0.34%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

AUD/USD

0.7121

+0.0016 (+0.23%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (3)

Sell (6)

USD/CAD

1.2774

+0.0013 (+0.10%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (8)

Sell (0)

EUR/JPY

136.93

-0.29 (-0.21%)

Summary

Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (3)

Sell (3)

EUR/CHF

0.9659

-0.0046 (-0.48%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

Buy (1)

Sell (3)

Gold Futures

1,818.40

+11.20 (+0.62%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (9)

Sell (0)

Silver Futures

20.835

+0.486 (+2.39%)

Summary

↑ Buy

Moving Avg:

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Sell (0)

Indicators:

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Sell (0)

Copper Futures

3.6783

-0.0282 (-0.76%)

Summary

↑ Buy

Moving Avg:

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Crude Oil WTI Futures

91.88

-2.46 (-2.61%)

Summary

↑ Buy

Moving Avg:

Buy (9)

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Indicators:

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Brent Oil Futures

98.01

-1.59 (-1.60%)

Summary

Buy

Moving Avg:

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Natural Gas Futures

8.780

-0.094 (-1.06%)

Summary

↑ Buy

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Sell (0)

Indicators:

Buy (8)

Sell (0)

US Coffee C Futures

227.53

+3.58 (+1.60%)

Summary

↑ Buy

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Sell (0)

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Buy (7)

Sell (1)

Euro Stoxx 50

3,776.81

+19.76 (+0.53%)

Summary

Sell

Moving Avg:

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Sell (6)

Indicators:

Buy (2)

Sell (6)

S&P 500

4,280.15

+72.88 (+1.73%)

Summary

↑ Buy

Moving Avg:

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DAX

13,795.85

+101.34 (+0.74%)

Summary

Neutral

Moving Avg:

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FTSE 100

7,500.89

+34.98 (+0.47%)

Summary

Neutral

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Sell (6)

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Buy (3)

Sell (2)

Hang Seng

20,175.62

+93.19 (+0.46%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (1)

US Small Cap 2000

2,013.09

+37.84 (+1.92%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

IBEX 35

8,400.40

+20.40 (+0.24%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (6)

BASF SE NA O.N.

44.155

+0.730 (+1.68%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (6)

Sell (2)

Bayer AG NA

54.15

+2.47 (+4.78%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

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Sell (0)

Allianz SE VNA O.N.

181.08

+2.08 (+1.16%)

Summary

↑ Sell

Moving Avg:

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Sell (7)

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Buy (3)

Sell (6)

Adidas AG

173.20

+1.18 (+0.69%)

Summary

↑ Buy

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Sell (0)

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Buy (8)

Sell (0)

Deutsche Lufthansa AG

6.588

+0.062 (+0.95%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (6)

Siemens AG Class N

111.84

+1.92 (+1.75%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

Deutsche Bank AG

9.061

+0.197 (+2.22%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (5)

Sell (0)

 EUR/USD1.0261↑ Buy
 GBP/USD1.2135↑ Sell
 USD/JPY133.46↑ Sell
 AUD/USD0.7121↑ Sell
 USD/CAD1.2774↑ Buy
 EUR/JPY136.93Sell
 EUR/CHF0.9659↑ Sell
 Gold1,818.40↑ Buy
 Silver20.835↑ Buy
 Copper3.6783↑ Buy
 Crude Oil WTI91.88↑ Buy
 Brent Oil98.01Buy
 Natural Gas8.780↑ Buy
 US Coffee C227.53↑ Buy
 Euro Stoxx 503,776.81Sell
 S&P 5004,280.15↑ Buy
 DAX13,795.85Neutral
 FTSE 1007,500.89Neutral
 Hang Seng20,175.62↑ Buy
 Small Cap 20002,013.09↑ Buy
 IBEX 358,400.40↑ Sell
 BASF44.155↑ Buy
 Bayer54.15↑ Buy
 Allianz181.08↑ Sell
 Adidas173.20↑ Buy
 Lufthansa6.588↑ Sell
 Siemens AG111.84↑ Sell
 Deutsche Bank AG9.061↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,620/ 6,720
(0/ 0) # 1,655
SJC HCM6,660/ 6,760
(30/ 30) # 1,651
SJC Hanoi6,660/ 6,762
(30/ 30) # 1,653
SJC Danang6,660/ 6,762
(30/ 30) # 1,653
SJC Nhatrang6,660/ 6,762
(30/ 30) # 1,653
SJC Cantho6,660/ 6,762
(30/ 30) # 1,653
Cập nhật 13-08-2022 16:51:41
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ↀ Giá vàng thế giới
$1,801.89+12.740.71%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V25.34025.840
RON 95-III24.66025.150
E5 RON 92-II23.72024.190
DO 0.05S22.90023.350
DO 0,001S-V24.88025.370
Dầu hỏa 2-K23.32023.780
ↂ Giá dầu thô thế giới
WTI$91.88+0.550.60%
Brent$97.89+0.110.11%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.220,0023.530,00
EUR23.498,0024.813,92
GBP27.761,8728.945,83
JPY170,70180,72
KRW15,5018,89
Cập nhật lúc 16:47:39 13/08/2022
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