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Tag Archives: digest
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Friday D1 Digest: LSU’s Marquee Series Win, Texas’ Streak Increasing • D1Baseball – D1 Baseball College Baseball News & Scores
- Friday D1 Digest: LSU’s Marquee Series Win, Texas’ Streak Increasing • D1Baseball D1 Baseball College Baseball News & Scores
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- LSU Baseball – Live on the LSU Sports Radio Network Louisiana State University Athletics
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D1 Digest: Saturday’s Big Takeaways, Rubber Matches To Watch • D1Baseball – D1 Baseball College Baseball News & Scores
- D1 Digest: Saturday’s Big Takeaways, Rubber Matches To Watch • D1Baseball D1 Baseball College Baseball News & Scores
- #5 Arkansas vs #1 LSU Highlights | Doubleheader Game 2 | 2023 College Baseball Highlights Wheels
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Asia-Pacific markets mostly fall as investors digest Chinese economic data
Goldman Sachs: China’s ‘exit wave’ on reopening is taking a toll on economy
China’s “exit wave” during its reopening process has dragged down the economy significantly, Goldman Sachs economists said in a report.
“The ongoing ‘exit wave’ on the back of China’s faster-than-expected reopening has taken a heavy toll on economic activity in recent months, due to surging infections, a temporary labor shortage and supply chain disruptions,” it said in a report.
“It is very surprising in our view that the reported numbers for December were not worse,” the economists said.
– Jihye Lee
Credit Suisse says iron ore prices to peak at around $130 to $140 this year
Iron ore prices are forecast to be around $130 to $140 as traders keep China’s reopening in focus, said Credit Suisse’s Head of Energy and Resources Research, Saul Kavonic.
“We are expecting that $130 to $140 mark to be where prices kind of end up and top out this year,” he said.
While the last few weeks of iron ore demand strength is buoyed by speculative buying and holiday period purchases, he said the markets are currently watching how China’s reopening plays out and the rolling out of any infrastructure stimulus.
He said these measures will “sustain that demand for iron ore throughout the course of this year well into next year.”
Australia’s mining giant Rio Tinto posted their fourth quarter production results which slightly beat estimates.
“The real focus [of] Rio has been on iron ore, which is supportive the whole sector over the last few months which has been a call that’s finally come good at the end of last year and early this year,” he said.
Rio Tinto‘s shares last traded down 1.11%.
—Lee Ying Shan
China’s retail sales beat estimates, economy expands more than expected
China’s December retail sales beat estimates, falling only 1.8% on an annualized basis, significantly better than the decline of 8.6% projected in a Reuters poll.
Industrial output also grew 1.3% in December, higher than expectations for an increase of 0.2%.
In the fourth quarter, China’s economy expanded by 2.9% on an annualized basis, better than the expected 1.8% growth. While quarterly growth was flat, it still beat expectations for a 0.8% contraction.
Despite better-than-expected data, the Chinese offshore yuan weakened sharply from 6.7403 to 6.7563 against the U.S. dollar shortly after the release.
Alibaba stock inches up after Ryan Cohen reportedly takes stake in company
Shares of Alibaba rose after the Wall Street Journal reported that Ryan Cohen built a stake in the company “worth hundreds of millions of dollars.”
Cohen, who founded online pet retailer Chewy and is also chairman of GameStop, is privately pushing Alibaba to accelerate and further boost its share-repurchase program, the Journal report said.
Hong Kong-listed shares of Alibaba rose 2% in the first hour of trade. The stock has since pared its gains to trade roughly flat.
– Jihye Lee
China’s Liu He to meet with U.S. Treasury Secretary Janet Yellen
U.S. Treasury Secretary Janet Yellen is scheduled to hold a meeting with Chinese Vice Premier Liu He on the sidelines of the World Economic Forum, China’s commerce ministry said in a statement.
The two will hold a meeting to “strengthen macroeconomic and financial policy coordination,” the ministry said.
The meeting will take place in Zurich on Jan. 18, according to the statement, adding that the two will discuss the implementation of the agreements reached between U.S. President Joe Biden and Chinese President Xi Jinping late last year in Bali, Indonesia.
The sit-down will mark the first face-to-face meeting between Yellen and Liu.
Separately, Politico reported U.S. Secretary of State Antony Blinken will meet newly appointed Chinese foreign minister Qin Gang in Beijing on Feb. 5-6, citing Washington-based diplomats familiar with the matter.
– Jihye Lee
Singapore’s non-oil domestic exports fall by more than 20% in December
Singapore’s non-oil domestic exports fell 20.6% in December on an annualized basis, a further drop from a decline of 14.7% seen in November.
The steep decline was driven mainly by exports to China, Indonesia and Hong Kong, according to the government release. Exports to South Korea and Japan rose, it said.
The nation’s total trade declined 7.7% in the month of December compared with a year ago – with exports dropping 7.1% and imports also dropping 8.2%.
– Jihye Lee
CNBC Pro: This under-the-radar global carbon capture stock could soar by 65%, investment banks say
Shares of an under-the-radar carbon capture company are expected to rise by 65% due to increasing global demand for emissions reduction technology, according to investment banks analyzing the stock.
The company’s latest innovation, revealed last week, could cut the energy needed to capture carbon and improve the company’s profitability in the future, according to analysts at a German investment bank.
CNBC Pro subscribers can read more here.
— Ganesh Rao
Where the major indexes stand coming off the first two weeks of 2023 trading
With the first two weeks of 2023 trading done, the three major indexes are up so far for the year.
The Nasdaq Composite is leading the way, adding 5.9% as investors bought beaten-down technology stocks on rising hopes of an improving landscape for growth holdings. The S&P 500 and Dow followed, gaining 4.2% and 3.5%, respectively.
— Alex Harring
Stock futures open lower
Stock futures were lower despite the market coming off a winning week.
Futures tied to the Dow dipped 0.1%. S&P 500 and Nasdaq-100 futures fell 0.2% and 0.4%, respectively.
— Alex Harring
Stock futures dip slightly as investors digest Fed minutes, look ahead to labor data
Traders work on the floor of the New York Stock Exchange (NYSE) on November 11, 2022 in New York City.
Spencer Platt | Getty Images
Stock futures were slightly lower early Thursday morning as investors looked beyond the hawkishness of the Federal Reserve’s meeting minutes released in the afternoon toward labor data coming later this week.
Futures tied to the Dow Jones Industrial Average lost 101 points, trading down around 0.3%. S&P 500 and Nasdaq 100 futures both also traded down 0.29% and 0.36%.
The moves follow a choppy trading session. Markets had been down early in the day on the back of a mixed bag of economic data, but stock rose into the closing bell. The Dow ended the day up 133 points, or 0.4%, while the S&P 500 and Nasdaq added 0.8% and 0.7%, respectively.
November’s Job Openings and Labor Turnover, or JOLTS, report showed the job market remained strong, bolstering concerns that the Fed could continue raising interest rates as long as there remained a hot market for workers. But the ISM manufacturing index showed the sector was contracting after 30 months of expansion, which investors saw as a positive indicator that previous rate hikes had the intended impact of cooling the economy.
Stocks were mainly trading up in the afternoon. But gave up some of their gains following the release of minutes from the Fed’s December meeting, which showed the central bank remained committed to higher interest rates for “some time.”
Investors have “wounds that are still fresh” following 2022, which brought the worst year for the stock market since 2008, said Keith Buchanan, a portfolio manager at GLOBALT Investments. He said investors are attempting to balance what each new piece of economic data or Fed commentary can indicate with broader concerns about the future.
“Every day that goes by and we get a data point that’s moving in the right direction, it’s positive,” Buchanan said. “But it’s also quickly followed up with apprehension on how sensitive and delicate this moment is.”
Investors will watch Thursday for more data on jobs, the trade deficit and business activity. Fed speakers Raphael Bostic and James Bullard are also both slated to speak.
On Friday, investors will review data on nonfarm payrolls, the unemployment rate and hourly wages. Since the report could have a big impact on the Fed’s next moves, it has the potential to impact the market. Investors don’t want to see big gains in wage growth.
Wall Street ends lower as investors digest economic data
Dec 9 (Reuters) – Wall Street ended lower on Friday as investors assessed economic data and awaited a potential 50-basis point interest rate hike by the U.S. Federal Reserve at its policy meeting next week, while apparel company Lululemon slumped following a disappointing profit forecast.
U.S. producer prices rose slightly more than expected in November amid a jump in the costs of services, but the trend is moderating, with annual inflation at the factory gate posting its smallest increase in 1-1/2 years, data showed.
“Today’s data shows that inflation is coming down, but it’s lingering and is stickier than most assume,” said Anthony Saglimbene, chief market strategist at Ameriprise Financial in Troy, Michigan.
However, in December, consumer sentiment improved, while inflation expectations eased to a 15-month low, a University of Michigan survey showed.
Futures trades suggest a 77% chance the Fed will raise interest rates by 50 basis points next week, with a 23% chance of a 75-basis point hike, with those odds little changed after Friday’s economic data.
Consumer prices data for November, due Tuesday, will provide fresh clues on the central bank’s monetary tightening plans.
Lululemon Athletica Inc (LULU.O) tumbled almost 13% after the Canadian athletic apparel maker forecast lower-than-expected holiday-quarter revenue and profit.
Netflix Inc (NFLX.O) gained 3.1% after Wells Fargo upgraded the video streaming giant to “overweight” from “equal weight”.
The S&P 500 declined 0.73% to end the session at 3,934.38 points.
The Nasdaq declined 0.70% to 11,004.62 points, while Dow Jones Industrial Average declined 0.90% to 33,476.46 points.
[1/7] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., December 9, 2022. REUTERS/Brendan McDermid
Of the 11 S&P 500 sector indexes, 10 declined, led lower by energy (.SPNY), down 2.33%, followed by a 1.28% loss in health care (.SPXHC).
The energy index recorded a seventh straight session of losses, its longest losing streak since December 2018, as oil prices looked set for weekly losses on recession concerns.
Wall Street’s main indexes have fallen this week after logging two straight weekly gains. Weighing heavily on investors are fears of a potential recession next year due to extended the central bank’s rate hikes.
For the week, the S&P 500 dropped 3.4%, the Dow lost 2.8% and the Nasdaq shed 4%.
U.S. stocks ended a recent run of losses on Thursday after data showed initial jobless claims rose modestly last week.
Broadcom Inc (AVGO.O) jumped 2.6% after the chipmaker forecast current-quarter revenue above Wall Street estimates.
Boeing Co climbed 0.3% after Reuters report the plane maker plans to announce a deal with United Airlines (UAL.O) for orders of 787 Dreamliner next week.
Declining stocks outnumbered rising ones within the S&P 500 (.AD.SPX) by a 3.3-to-one ratio.
The S&P 500 posted 5 new highs and 1 new lows; the Nasdaq recorded 54 new highs and 213 new lows.
Volume on U.S. exchanges was relatively light, with 9.9 billion shares traded, compared to an average of 10.9 billion shares over the previous 20 sessions.
Reporting by Sruthi Shankar, Ankika Biswas and Johann M Cherian in Bengaluru, and by Noel Randewich in Oakland, Calif.; Editing by Vinay Dwivedi, Sriraj Kalluvila, Shounak Dasgupta and Aurora Ellis
Our Standards: The Thomson Reuters Trust Principles.
Dow sheds more than 100 points as investors digest mixed economic signals, await Powell speech
The Dow Jones Industrial Average fell Wednesday as Wall Street waded through new economic data and awaited an afternoon speech on the economy from Federal Reserve Chair Jerome Powell.
The 30-stock index lost 179 points, or 0.5%. The S&P 500 shed 0.2%, while the Nasdaq Composite added 0.2%.
Investors were hit with conflicting economic reports Wednesday morning. Payroll processing firm ADP reported fewer job listings in October than expected, pointing to a contracting workforce. But while the Labor Department also said job openings fell in the month, it said there were still more available than there were workers.
Another indicator of the tightening economy came when October data from the National Association of Realtors showed a fifth consecutive month of declines in pending home sales. But that was tempered with the Bureau of Economic Analysis’ upward revision on third-quarter gross domestic product, which indicated the economy was stronger than previously thought.
“The data was somewhat mixed,” said Edward Moya, senior market analyst at Oanda. “But it does show there’s a lot of resilience in this economy. And it still is highlighting a labor market that is weakening, but is still in relatively good shape. I think that we’re not going to get any answers on what will policy be like at the end of next year based on these reports.”
Investors are waiting for Powell’s speech at the Brookings Institution this afternoon that may give further insight into the central bank’s thinking on future interest rate increases.
The Fed is slated to meet later this month and is largely expected to deliver a smaller 0.5 percentage point rate hike after four consecutive 0.75 percentage point increases to tame high inflation. Any signal of a pivot on future rate hikes would likely send markets higher.
“All eyes will be on Chairman Powell’s speech today, but we don’t believe he will break any new ground,” said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance. “He wants the stock market lower and he’s willing to endure a recession in order to get inflation back under control.”
Dow sheds more than 100 points as investors digest mixed economic signals, await Powell speech
The Dow Jones Industrial Average fell Wednesday as Wall Street waded through new economic data and awaited an afternoon speech on the economy from Federal Reserve Chair Jerome Powell.
The 30-stock index lost 175 points, or 0.5%. The S&P 500 shed 0.2%, while the Nasdaq Composite climbed 0.3%.
Traders were hit with conflicting economic reports Wednesday morning.
Payroll processing firm ADP said Wednesday that private companies added just 127,000 positions for the month, well below the 190,000 consensus estimate from economists polled by Dow Jones. It signaled the job market could be cooling, raising hopes the Federal Reserve would slow its aggressive rate-hiking campaign.
Jobs opening data from the Labor Department released later Wednesday showed the number of openings falling and coming in below expectations in October. But there were still more openings than available workers.
The Bureau of Economic Analysis reported third-quarter GDP increased at a 2.9% annual rate, according to its second estimate. That was revised higher from the 2.6% first estimate, showing the economy is stronger than previously thought.
Meanwhile, pending home sales declined for the fifth consecutive month in October, according to data from the National Association of retailers.
Investors are waiting for Powell’s speech at the Brookings Institution this afternoon that may give further insight into the central bank’s thinking on future interest rate increases. The Fed is slated to meet later this month and is largely expected to deliver a smaller 0.5 percentage point rate hike after four consecutive 0.75 percentage point increases to tame high inflation. Any signal of a pivot on future rate hikes would likely send markets higher.
“All eyes will be on Chairman Powell’s speech today, but we don’t believe he will break any new ground,” said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance. “He wants the stock market lower and he’s willing to endure a recession in order to get inflation back under control.”
Cryptocurrencies pressured as investors digest FTX fallout; Solana loses another 30%
Bankruptcy filings from Celsius and Voyager have raised questions about what happens to investors’ crypto when a platform fails.
Rafael Henrique | Sopa Images | Lightrocket | Getty Images
Cryptocurrencies were under pressure for a second day Wednesday as the market digested the fallout of Binance’s planned bailout of FTX.
Bitcoin was last down by 5% to hit a new bear market low of $17,019.14, according to Coin Metrics. It hit its all-time high of $17,585.25 one year ago Thursday. Ether, fell 10% to $1,152.34.
The Solana token continued its slide. It was last down 30%, after plunging 26.4% on Tuesday. Alameda Research, the trading firm owned by Sam Bankman-Fried, who also runs FTX, was a big and early backer of the Solana project.
“Market factors such as providing SOL token liquidity as well as support for Solana ecosystem projects on FTX exchange has been an important driver for Solana’s success,” Bernstein’s Gautam Chhugani said in a note Wednesday. “This is an adverse event for the Solana ecosystem in the short run. Further, given FTX/Alameda’s balance sheet situation, there may be near term pressure on its Solana holdings, as the situation resolves.”
The crypto market briefly spiked on Tuesday after Bankman-Fried, also known as SPF, announced that Binance will acquire its non-U.S. operations but plummeted shortly after.
The SBF empire unraveled quickly after a report last week showed a large portion of Alameda’s balance sheet was concentrated in FTX Token (FTT), the native token of the FTX trading platform. After some sparring on Twitter with SBF, Binance CEO Changpeng Zhao announced his company was offloading the FTT on its books, leading to a run on the popular FTX exchange and a liquidity crisis.
FTT was down 10% Wednesday, after tumbling more than 75% the day before.
The bombshell is likely to set the crypto industry back, but to what extent remains to be seen. Analysts foresee further regulatory scrutiny of offshore exchanges, where the majority of crypto derivatives trading takes place. It’s also unclear how much financial contagion will spill into the rest of the market.
Additionally, Bankman-Fried had recently been lauded as a “white knight” in the industry as he came to the rescue of crypto services firms like BlockFi and Voyager that almost didn’t survive the crypto contagion of this spring.
For newcomers to the crypto market, he and FTX became the faces of the industry, securing the naming rights to the Miami Heat basketball team’s stadium last year, bringing Tom Brady and Giselle Bündchen on as ambassadors of the company, and becoming a megadonor to Democratic politics.
“Given the public-facing nature of FTX CEO Sam Bankman-Fried and the size of FTX, we believe that the week’s events could cause some loss of consumer confidence in the crypto industry, beyond that seen in the aftermath of the 3AC, Celsius, and Voyager events that took place earlier this year,” especially if contagion takes hold and crypto prices keep dropping, KBW analysts said in a note Tuesday. “It may take time for customers to regain trust in the industry, broadly speaking (and we think regulation could help this).”