Marcus Today Pre-Market Podcast – Thursday 24th November

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.

Catch up on the latest news with Henry Jennings’ Pre-Market Podcast.

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