Wall Street is grappling with sharp declines in revenue after parts of the industry involved in taking companies public and issuing stocks and bonds seized up.
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Goldman Sachs warns traders of shrinking bonus pool as Wall Street hunkers down
Wall Street is grappling with sharp declines in revenue after parts of the industry involved in taking companies public and issuing stocks and bonds seized up.
Stocks making the biggest moves midday: Zscaler, Marvell Technology, DoorDash and more
These are the stocks posting the largest moves in midday trading.
Stocks making the biggest moves premarket: Marvell Technology, Horizon Therapeutics, DoorDash and more
These are the stocks posting the largest moves before the bell.
Hong Kong’s Hang Seng had its best month since 1998, but remains in bear market territory
Hong Kong’s economy has been battered by Beijing’s prolonged zero-Covid policy that has shut out travelers from mainland China and dampened consumer confidence.
Wrong Covid test results in China raise concerns ‚the pandemic may never end‘
Local frustration with Covid controls in China has increasingly targeted virus testing requirements and the big business they’ve fueled.
Gold & Silver Technical Forecast: Both Buoyed by Weak Dollar, Silver Surges
Gold and silver have both benefitted from a weaker dollar but silver is the standout of the two metals. Gold consolidating at stern resistance, silver continues higher
Forexlive Americas FX news wrap: Jobs headlines strong but the market has questions
<ul><li><a target=“_blank“ href=“https://www.forexlive.com/news/us-november-non-farm-payrolls-263k-vs-200k-expected-20221202/“>US November non-farm payrolls +263K vs +200K expected</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/canada-november-employment-change-101k-vs-50k-estimate-20221202/“>Canada November employment change 10.1K vs 5.0K estimate</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/poland-formally-agrees-to-60-russian-oil-price-cap-with-review-mechanism-20221202/“>Poland formally agrees to $60 Russian oil price cap with review mechanism</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/freeport-lng-now-says-it-will-restart-initial-production-around-year-end-20221202/“>Freeport LNG now says it will restart initial production around year-end</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/centralbank/feds-evans-we-are-on-a-path-to-get-financial-conditions-appropriately-restrictive-20221202/“>Fed’s Evans: We are on a path to get financial conditions appropriately restrictive</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/centralbank/timiraos-strong-jobs-report-keeps-the-fed-on-track-to-hike-by-50-bps-20221202/“>Timiraos: Strong jobs report keeps the Fed on track to hike by 50 bps</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/centralbank/feds-barkin-labor-supply-looks-like-it-will-remain-constrained-20221202/“>Fed’s Barkin: Labor supply looks like it will remain constrained</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/centralbank/ecbs-de-guindos-we-are-seeing-that-inflation-is-starting-to-slow-down-20221202/“>ECB’s de Guindos: We are seeing that inflation is starting to slow down</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/centralbank/ecbs-de-guindos-november-inflation-data-has-been-good-news-20221202/“>ECB’s de Guindos: November inflation data has been good news</a></li></ul><p>Markets:</p><ul><li>Gold down $5 to $1797</li><li>WTI crude oil down 99-cents to $80.22</li><li>US 10-year yields down 2.4 bps to 3.50%</li><li>S&P 500 down 10 points to 4072</li><li>JPY leads, CAD lags</li></ul><p>The US dollar was soft all week in the lead-up to non-farm payrolls and that was particularly true of USD/JPY in the hours before the release as the pair touched 133.64 early in Europe. With a strong bid in bonds, the market is seeing a Fed peak or creeping economic weakness.</p><p>So naturally non-farm payrolls were strong and the latest batch of dollar bears was stung by a quick roughly 150 pips US dollar rally across the board. The main headlines on jobs and wages were strong with hourly avg hours up 0.6% compared to 0.3% expected.</p><p>Then it all came slowly undone. People began to pick holes in the wages story with hours worked ticking lower. Then they looked closer a the household survey and noted another decline and a flat trend since March:</p><p>The result was a slow give-back of all the US dollar gains. That left the euro and pound largely unchanged on the day with USD/JPY down a full cent.</p><p>Helping the move was a relentless long-end led bid in bonds for the second day. US 30s fell 9 bps to 3.54% from a high of 3.70% shortly after the jobs report. </p><p>The Canadian dollar also had a jobs report to deal with and it was upbeat with a 50K increase in full time jobs. That makes next week’s BOC meeting a bit more intriguing with the market 76% priced for 25 bps but with the remainder on 50 bps. The loonie underperformed but that was on a reversal in oil prices with the OPEC+ meeting on Sunday looming and the G7 oil price cap set to go into effect on Monday. </p>
This article was written by Adam Button at forexlive.com.
USDJPY moves back to the downside and below its 200 day moving average
<p>As stocks moved back higher and yields moved lower, the US dollar is getting weaker.The USDJPY is back below its 200 day moving average of 134.506. Closing below the level today would be the first time the currency pair closed below that since February 23, 2021.</p><p>The USDJPY moved higher after the stronger than expected jobs report. However momentum faded near the 38.2% retracement of the week’s trading range. That level comes in at 136.009. The high price reach 135.997.</p><p>Since then, the price is been stepping lower and has now moved back below the 200 day moving average trading at 134.35.</p><p>Earlier in the day, the low price reach 133.611. That is the next target on further downside momentum. Below that, the 50% midpoint of the 2022 trading range cuts across a 132.70, followed by the 131.24 to 131.483 area. That area corresponds with swing highs and lows going back to April, May, and June (see red numbered circles on the daily chart below).</p>
This article was written by Greg Michalowski at forexlive.com.
The bid for stocks and bonds is relentless
<p>We’re back to where we started.</p><p>US markets have completely erased the moves after the strong non-farm payrolls report. The S&P 500 is now down just 5 points to 4071 and on track for a weekly close above 200-day moving average for the first time since April. It’s an impressive performance.</p><p>More curious is the relentless bid in long-dated bonds. US 10s are down 3 bps to 3.49% from a high of 3.63%. US 30s are down 8 bps to 3.55% from a high of 3.70%.</p><p>One line of thinking is that bond market participants are trying to get ahead of ‚the next big trade‘ which is the weakening of the global economy and a fall in inflation. Whatever it is, the decline in yields is sapping the US dollar.</p>
This article was written by Adam Button at forexlive.com.