Current reporting from the world’s leading markets: the important updates, prominent stocks, bonds and analyst updates
16:30 – The stock exchanges in New York open the trading day with a positive trend, after five days of declines in the S&P 500 index.
The Dow Jones climbs 0.4%, the S&P 500 and Nasdaq gain 0.2%.
Israel’s Autonomo jumps by 8.5% after the report of extensive layoffs, ExxonMobil strengthens by 2.4% after announcing the expansion of the self-purchase program and the amount of investments.
14:00 – Ahead of the opening of trading on Wall Street: contracts on the indices rise up to 0.3%, the US 10-year bond yield rises by 4 basis points to 3.45%; WTI oil rises 1.5% to $73 a barrel – after a 3% decline yesterday.
13:50 – ExxonMobil announces the expansion of its own purchase program to the amount of 50 billion dollars by 2024, including 15 billion dollars by the end of 2022. The American oil and gas giant also reported the expansion of the annual investment amount from 20 to 25 billion dollars and a forecast to double the cash flow.
13:20 – Downgrade of recommendation for Salesforce, which drops by 1.1% before: Baird downgraded the recommendation on the stock, from ‘outperform’ to ‘neutral’.
12:00 – Fresnillo and Rio Tinto mining shares climb 2.1% and 1.8% at the top of the Potsey index.
11:20 – Locked in Asia: Hang Seng climbed 3.4%, Nikkei fell 0.4%, Shanghai fell 0.1%, Kospi fell 0.5%.
10:45 – Slight movements in European stock exchanges: Dax and Kac rise by 0.1%, POTSI falls by 0.1% (contracts on Wall Street indices rise by up to 0.2%).
Among the prominent stocks: Vodafone weakens by 2%, the London Stock Exchange (LSE) shares weaken by 3.2% at the bottom of the Potsi index after UBS cut the recommendation on the stock, from ‘buy’ to ‘neutral’; Outside the Potsey 100 – British retailer Frasers (formerly Sports Direct) loses 3% after the reports.
8:15 – Morgan Stanley expects the global economy to grow so slowly in 2023 that it will feel like a recession, according to the bank’s chief economist Seth Carpenter.
According to him, “the global economy is slowing down and we find ourselves in a situation that can also be defined as a recession.” The distinction between recession and non-recession will be blurred, Yahoo Finance said.
Carpenter noted that he also expects a continued slowdown in private consumption spending and the US real estate market. At the same time, growth in Europe and Japan will be partial at best, he added.
The economist expects global growth of 2.2% in 2023, and in the US in particular for growth of 0.5%, in the European Union for a retreat of 0.2%, and in China for a jump of 5% due to the potential for a more complete opening of the economy from the strict corona restrictions.
Carpenter anticipates a significant slowdown in the strong employment sector in the US – with job additions at a rate of less than 100,000 per month, compared to a monthly rate of 200,000 in 2022.
7:00 – The Hong Kong stock market jumps by 2.8% after local reports that the government there is considering easing restrictions on the corona virus, including not having to wear a mask in public, and easing corona tests for those entering Hong Kong. The Hang Seng tech index drops 5.5%, Alibaba jumps 6%.
The airline shares, especially the casino shares in Hong Kong, are also soaring – Cathay Pacific by 3.4%, Air China by 4.3%. Wynn Macau Wynn Macau by 16%, MGM China by 10% and Sands China by 7%.
Also in Asia – Japan’s economy contracted by 0.8% in the third quarter, less than the expected contraction of 1.1%. Also, the deficit in the Land of the Rising Sun stands at 469.3 million dollars. The Tokyo Stock Exchange is down 0.5% this morning.
Last night the S&P 500 index registered a consecutive Thursday of declines. At the end of a less volatile day, the Dow Jones closed unchanged, while the S&P 500 fell 0.2% and the Nasdaq lost 0.5%.
Mobileye jumped by 5.2%, reporting a 38% growth in revenue along with an improvement in the adjusted profit lines. Following the falls in Hong Kong – Alibaba retreated by 3.4%. The price of WTI crude oil fell by 3% and was set at $72 per barrel.