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Wall Street Today | Fed likely to consider 0.75-percentage-point rate rise this week

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Moomoo Recap US wrote a column · Jun 13, 2022 19:16
Wall Street Today | Fed likely to consider 0.75-percentage-point rate rise this week
MACRO
Global Stocks Dive Into Bear Market as Risk Appetite Evaporates
A key index of equities from around the world officially slipped into a bear market, unable to withstand the weight of accelerating inflation, dragging on global growth.
The MSCI ACWI Index, which contains stocks from both emerging and developed markets, extended its decline from its mid-November peak to 21% on Monday to 597.64. In dropping more than 20%, it follows the $S&P 500 Index (.SPX.US)$ into a bear market.
Fed Likely to Consider 0.75-Percentage-Point Rate Rise This Week
A string of troubling inflation reports in recent days is likely to lead Federal Reserve officials to consider surprising markets with a larger-than-expected 0.75-percentage-point interest-rate increase at their meeting this week.
>>Read more
Morgan Stanley CEO James Gorman Sees 50% Recession Risk
$Morgan Stanley (MS.US)$ Chief Executive Officer James Gorman said he sees the risk of a US recession at about 50% even as his focus is more on non-financial risks such as data stability, cyber and operations risk.
SECTORS
Global Commodity Shock Is on Track for 1970s Level, Citi Says
Global buyers of commodities are on track to pay producers $5.2 trillion more in 2022 than they did in 2019 thanks to surging prices, according to a new base case analysis from $Citigroup (C.US)$.
That increase is the equivalent of 5% of world gross domestic product, the analysts wrote in a Monday note. In a scenario where forward prices for the second half of this year materialize, buyers would be paying $6.3 trillion more than during 2019, or 6.2% of GDP.
Traders Brace for 4% Peak in Fed Rate as Bond Rout Intensifies
Money markets now see the Federal Reserve's key overnight rate peaking at 4% by the middle of next year, as expectations for policy tightening ramp up.
The rate on the 10-year note climbed as much as 28 basis points to 3.43%, and up from below 3% late last week, surpassing the benchmark's peak from late 2018 and is now at its highest level since 2011.
COMPANIES
Oracle Sales Top Expectations Against Uncertain Economic Backdrop
The Austin, Texas-based company said companywide revenue was up 5% to $11.84 billion in its fiscal fourth quarter, while total cloud revenue grew 19% from a year earlier to $2.9 billion. Analysts polled by FactSet expected $11.61 billion in total revenue. $Oracle (ORCL.US)$
>>Read more
Amazon Plans To Test Drone Deliveries In California Town
$Amazon (AMZN.US)$ has announced plans to start offering delivery by drone later this year in Lockeford, Calif., a small town in the state's central valley.
>>Read more
Elon Musk to Address Twitter Staff For First Time Since Deal
Elon Musk will address $Twitter (Delisted) (TWTR.US)$Inc. employees at a company-wide meeting this week, the first time the $Tesla (TSLA.US)$ Inc. chief executive officer will meet with employees since agreeing to buy the company for $44 billion in late April, according to people familiar with the matter.
The virtual meeting is set for Thursday morning, and Musk will take questions from Twitter employees, the people said.
Source: Bloomberg, WSJ, CNBC
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more
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