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2022-12-23 15:48:35 Rate Hikes Needed to Reduce Eurozone Inflation Despite Recession - Top ECB Official Says

Interest rates will continue to rise while the euro area falls into recession, a high-ranking executive at the European Central Bank (ECB) has indicated. His statements follow the latest rate increase announced by the monetary authority last week and revised projections showing higher than previously expected inflation in Europe ahead.

The lead indicators we have are not good. Our projections therefore expect the euro area to fall into a mild recession in the last quarter of this year and in the first quarter of 2023, when GDP is expected to contract by 0.1%.

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2022-12-22 20:11:14 Stock market news live updates: Stocks plunge after Wednesday's rally

U.S. stocks plunged Thursday morning as December's sell-off resumed after a rally in the previous session that failed to hold ground.

The S&P 500 (^GSPC) tanked 1.7% shortly after the open, while the Dow Jones Industrial Average (^DJI) shed nearly 450 points, or 1.4%. The technology-heavy Nasdaq Composite (^IXIC) tumbled 2.4% toward 2022 lows.

“All that reversing a created year in 2022 where there was really a pullback. As a result, we expect 2023 to be a recalibration to what we consider normal times.”

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2022-12-22 17:23:53 As U.S. fails to crack down on Big Tech, Europe shows what progress looks like

With no significant antitrust legislation included in the sweeping omnibus spending bill that will wrap up this session of Congress, American lawmakers might want to look overseas, where Big Tech is briskly acting in accordance with new European laws and crackdowns.

Some U.S. public policy advocates were hopeful that Big Tech’s recent cooperation with the EU might nudge lawmakers here to finally push through antitrust legislation after years of inaction. Despite the boasts of bills and some ceremonial finger-pointing hearings aimed at tech executives, however, legal experts remained skeptical.

The absence of online protections for young children and teens — considered the surest bet among the tech bills to make it into the omnibus package — particularly stung for both lawmakers and policy wonks.

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2022-12-21 19:38:58 Wall Street’s stock-market forecasts for 2022 were off by the widest margin since 2008: Will next year be any different?

Wall Street often gets it wrong when it comes to anticipating where stocks might be trading one-year out. But in 2022, its forecasters were set to miss the mark by the widest margin in nearly 15 years, according to data compiled by FactSet.

Many macro strategists said in their 2023 outlooks that they expect the U.S. economy to slide into a recession by midyear, further undermining equity valuations as corporate profits slump and unemployment climbs.

A look outside of major investment banks shows bulls and bears with dramatically different visions of how they expect next year to play out.

What’s more, double-digit pullbacks, which look likely this year, often have been followed by particularly torrid rebounds, as the historical data show.

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2022-12-20 21:51:59 Elon Musk Promises to Step Down as Head of Twitter — Edward Snowden Throws His Name in the Hat for CEO

Tesla CEO and Twitter chief Elon Musk has promised to step down as head of Twitter. As the billionaire seeks a new CEO to run the social media platform, privacy advocate Edward Snowden threw his name in the hat, stating that he takes payment in bitcoin. “The question is not finding a CEO, the question is finding a CEO who can keep Twitter alive,” Musk clarified.

The question is not finding a CEO, the question is finding a CEO who can keep Twitter alive.

In November, Musk said in court that he did not want to be the CEO of Twitter, stating: “I expect to reduce my time at Twitter and find somebody else to run Twitter over time.”

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2022-12-20 19:53:02 Are Stocks Close to a Short-Term Bottom?

Stock prices went lower again – is a short-term bottom in?

The S&P 500 index lost 0.90% on Monday, as it further extended its last week’s decline following Wednesday’s FOMC interest rate hike. On Friday the index lost 1.1% and on Thursday it sold off by 2.5%. Yesterday the broad stock market index reached its new local low of 3,800.04.

The S&P 500 index is expected to open slightly lower this morning and it may see an attempt at retracing some of the recent sell-off. For now, it looks like a temporary bottom before an upward correction.

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2022-12-17 16:36:05 Stock market sell-off: Investors 'are changing their focus'

The stock market is on track to take a leg lower this week as investors swerved to assess what kind of damage the Federal Reserve has already done to the economy following a series of aggressive inflation-fighting rate hikes.

Selling accelerated after the Fed delivered a 50 basis-point interest rate hike, bringing the benchmark rate to the highest level since 2007. The central bank also surprised market watchers in two more ways.

"However, it’s starting to look like any surprise will involve the former… rather than the latter. The action in the stock market early next week should be the time when we get the definitive answer."

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2022-12-16 19:54:33 U.S. Stock Index Futures Under Pressure Ahead of PMI Data - FED Speakers

A number of scheduled Fed speakers could escalate the selling pressure or soothe the bears enough to book profits and stabilize prices.

The major U.S. stock index futures markets are sharply lower early Friday as investors continued to lighten up on the long side in response to data that elevated concerns of a looming recession ahead of a number of Federal Reserve speakers scheduled throughout the U.S. session.

There also will be data coming out on Friday with December’s purchasing managers’ indexes within services and manufacturing. The indexes are seen as gauges of business conditions. Traders are expecting manufacturing to come in at the same rate as November, while pricing in services to show an increase of 0.3 points.

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2022-12-16 14:06:15 Dow futures drop over 300 points on investor angst over expected aggressive central bank action into 2023

U.S. stock futures pointed to sharp losses at the start of trading for Wall Street on Friday, amid investor expectations that central banks will continue to raise interest rates aggressively despite stiff economic headwinds.

Investors took a read on central banks this week and decided that aggressive tightening aimed at bringing down high inflation will continue even if economies are contracting. U.S. stocks are set for losses of around 1% for the week, with the Nasdaq Composite looking at a drop of nearly 1.8%, as of Thursday’s close.

Wednesday’s Federal Reserve hike and hints of more on the way was followed by rate increases and similar signals from the European Central Bank and Bank of England on Thursday, while weaker-than-expected retail sales data only added to fears over a weakening U.S. economy.

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2022-12-16 14:03:51 ECB Hikes Interest Rates by 50bps - Signals Need for Further Hikes to Fight Inflation

The European Central Bank (ECB) decided to hike three of its key interest rates by 50 basis points (0.5%) as part of its ongoing war against inflation. The organization stated that further increases are likely to happen “because inflation remains far too high and is projected to stay above the target for too long.”

The euro area economy may contract in the current quarter and the next quarter, owing to the energy crisis, high uncertainty, weakening global economic activity and tighter financing conditions.

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