Marcus Today Pre-Market Podcast – Thursday 24th November

Marcus Today Market Updates

US markets rallied overnight with further evidence suggesting the Fed will soon slow rate rises came to light. The Dow Jones was up 96 points (+0.28%), closing at its highest level since April 21. At worst, it was down 93 points, and at best, it was up 164 points. The NASDAQ rose 0.99%, and the S&P 500 was up 0.59%. In Europe, the Stoxx 600 +0.6%, FTSE +0.17%, German DAX +0.04%, and France +0.32%. SPI Futures are up 5 points (+0.07%) following a 51-point rise yesterday. The ASX 200 is up 1.1% for the week.

• US Treasury yields dropped as Fed minutes suggests lower rate hikes.
• ‘Substantial’ majority of Fed officials see rate hikes slowing ‘soon’.
• US weekly jobless claims at three month high.
• US business activity weakens further.
• NY Fed s analysts say bank deposit rates lag changes in Fed policy rate.
• Euro zone downturn eases slightly. Offers hope for milder recession.
• Oil slides 3% on Russian price cap talks. US gasoline inventories build.
• G7 looking at Russian oil price cap of $65-$70 per barrel.
• Oil price Would have immediate impact on Russian revenue. Russian tanker fleet too small to bypass cap.
• Germany plans 33% windfall tax on gas, coal and oil firms.
• China widens COVID curbs, iPhone factory unrest adds to economic worries.
• Russian missile barrage forces Ukraine to shut nuclear power plants.
• Copper demand to rise on surging EV and power investment.
• BHP sees 2-3 years of elevated costs, near-term copper oversupply.
• Crypto exchanges enabled online child sex abuse profiteer on darknet.
• FTX was run as ‘personal fiefdom’, faces hacks, missing assets.
• Bank regulators tell Citigroup to take urgent action to fix resolution plan.
• Credit Suisse flags hefty loss as rich clients leave.
• News Corp merger with Fox opposed by big shareholder.
• Soccer - Japan stun Germany with come from behind 2-1 win. Spain 7-0 v Costa Rica.

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