MeritKapital News
Markets mixed after powell’s house panel testimony
In Wall Street, the S&P closed 0.12% higher from its opening levels closing at 4,374.30 after recovering from an early stumble and then losing much of its momentum by late afternoon, as a rally in technology stocks was kept in check by a slide in banks and energy companies. The benchmark index recovered some of…
Read MoreU.S. june CPI print well above expectations
Stock markets in the U.S. we would say had a session of mixed moves as much focus was on the June CPI print which came well above expectations once again (Core +0.9% MoM vs bbg surv. +0.4%). We witnessed yields decline as investors mulled a surprise U.S. inflation jump that stirred the debate on how…
Read MoreHang Seng trades higher as China approves Tencent acquisition
US stocks notched records on Monday ahead of a packed schedule of earnings releases. The DOW led gains, up 0.36% and just shy of 35,000pts, while the S&P and the NASDAQ rose 0.35% and 0.21% respectively. Yields on 10Y USTs closed higher at 1.3645% The UK removed dividend restrictions on UK lenders concluding that the…
Read MoreStock markets near record highs, pboc easing in China
We start this week on a positive note with Asian shares rising this morning following record highs of US stock market and a policy easing in China. The focus this week will be on US CPI data on Tuesday ahead of Jerome Powell’s testimony on Wednesday, where the markets will be looking for signs of…
Read MoreNigerian senate approves $6.2 billion external loan request
Contracts on the S&P 500 and Nasdaq 100 signaled a retreat from new records set Wednesday in the underlying gauges. Despite the retreat the index ended up +.34% higher from its opening levels to close at 4,358.13. The Dow Jones Industrial Average DJIA added +.3% to 34,681.79. The Nasdaq composite COMP gained less than +.1% to…
Read MoreBeijing probes Didi on cybersecurity
In Asia, with Beijing’s cybersecurity probe of ride-hailing giant Didi Global Inc. taking center stage, stocks fell Wednesday and Treasuries held a rally on concerns about the economic recovery from the pandemic, virus variants and China’s scrutiny of the technology sector. Japanese stocks slid but Australian shares weathered an extension to Sydney’s Covid-19 lockdown. Focus…
Read MoreAustralia’s ASX lower as RBA dials back QE
The UK announced plans to end COVID restrictions in total from July 19 – measures as social distancing and capacity limits at venues as well as mandatory face masks will be scrapped although the final decision will be made on July 12. The pound firmed following the news and was up 0.35% at 8AM UK…
Read MoreStocks climb as jobs report dims hawkish FED bets
U.S. equity futures slipped Monday as investors mulled the outlook for Federal Reserve stimulus support and OPEC+ tension over oil. The S&P 500 ended Friday up 32.40 points, or 0.75%, to 4352.34. The Dow Jones Industrial Average climbed 152.82 points, or 0.75%, to 34786.35. The Nasdaq Composite rose 116.95 points, or 0.81%, to 14639.33. Front-end investors continued…
Read MoreOPEC+ Impasse and NFPs ahead
Further strong data prints out the US (Initial Jobless Claims 364k vs BBG cons. 388k, US June Manufacturing PMI 62.1) added to the positive sentiment on the day, sending US indices to record highs once again. The Dow Jones Industrial Average rose 0.38%, to 34,633.53, the S&P 500 gained 0.52%, to 4,319.94 and the Nasdaq…
Read MoreRussia posts strong GDP and employment numbers
US stocks closed mostly higher on Tuesday following a strong print in ADP payroll numbers; the June print came at 692,000 against an expected 600,000. The S&P rose 0.13%, inking another record, recording a strong H1 performance while the DOW rose 0.61%. The NASDAQ was however 0.17% lower. Yield on 10Y USTs closed flat at…
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