EU unemployment, flash estimate euro area inflation; Germany
labor market statistics; UK GDP, balance of payments, business
investment, nationwide house price index, money and credit; France
PPI, household consumption expenditure, provisional CPI; Italy
unemployment, provisional CPI, cities CPI; trading update from
European stocks may struggle when markets open Friday. Asian
stock benchmarks dropped; the dollar steadied; Treasury yields
largely rose; while oil fell and gold pushed slightly higher.
Shares may extend losses at Friday's open. Rockiness in markets
has been exacerbated this week by the U.K. government's efforts to
get its economy back on track. The U.K. government unveiled late
last week plans for unfunded tax cuts, spooking markets.
On Thursday, U.K. PM Liz Truss rattled investors with her first
public comments defending her government's plans to cut taxes.
"This volatility is quite breathtaking," said Peter Bermont,
senior portfolio manager and managing director of Bermont Gold
Decades-high inflation has thrown consumers and businesses for a
loop, and the Federal Reserve and other central banks are trying to
fight it with higher rates. Money managers worry that the central
banks will overdo it and tip the economy into recession.
"Central banks remain wholly focused on inflation and taking
rates higher," said Chris Turner, global head of markets at ING.
"Even if that means causing recession."
Read: Fed must try to avoid a 'harsh recession,' Daly says
The greenback steadied early Friday. The dollar's strength has
surprised everyone as 3Q comes to an end, Silicon Valley Bank's
Minh Trang said.
"The Fed has been consistent in their stance that they're going
to continue tightening rates until inflation is at comfortable
pace, and they've basically said we're not there yet," the senior
forex trader said.
"You could argue that the dollar has gotten a third or fourth
wind behind its sails over the last month."
Read: Why a soaring dollar is raising questions -- and doubts--
about a Plaza Accord-style intervention
Treasury yields rose, extending gains after the German inflation
report on Thursday reignited concerns about persistent price gains
and the likelihood of higher U.S. rates.
Investors remain concerned about central banks aggressively
lifting rates to damp inflation running near its fastest pace in 40
Data from Germany showed inflation coming in above 10%, which
led to Thursday's selloff in government bonds, pushed yields up,
and contributed to the declines in all three major U.S. stock
Meanwhile, Wednesday's broad bond rally, sparked by the Bank of
England's intervention to support the gilt market, faded.
Read: Global bonds undergo worst selloff since the 90s
Oil futures fell in Asia, as investors mull over prospects of a
production cut next week by OPEC+ amid ongoing worries about the
Market sentiment has been weighed by concerns that oil demand
could remain under pressure after the Fed doubled down on future
interest rate increases, ANZ said.
"A deteriorating crude demand outlook won't allow oil to rally
until energy traders are confident that OPEC+ will slash output at
the October 5th meeting," Oanda's Edward Moya said.
Gold prices rose slightly early Friday, rebounding from
overnight declines amid higher U.S. Treasury yields.
"Developments coming out of the US may sway the price of gold as
the FOMC retains a hawkish forward guidance for monetary policy,
and the rising interest rate environment across advanced economies
may continue to sap the appeal of bullion as the Fed appears to be
on track to carry its hiking-cycle into 2023," said DailyFX.
Aluminum prices rose in Asia, buoyed by a media report of a
possible ban by the London Metal Exchange on Russia's supplies of
The LME is reportedly looking to launch a discussion paper on
whether and under what conditions it should block Russian metal
from being delivered to its network of warehouses, ANZ said.
While no final decision has been taken on issuing the paper,
this could have significant ramifications for the metals' markets,
TODAY'S TOP HEADLINES
China's Factory Activity Data Paints Mixed Picture of
Official and private gauges of China's factory activity painted
a mixed picture of the country's economy in September, with the
government index showing a return to expansion, while the private
index slipped further into contraction.
The official manufacturing purchasing managers index rose to
50.1 in September, recovering from 49.4 in August and beating the
49.8 median forecast made by economists polled by The Wall Street
Journal, according to figures released Friday by the National
Bureau of Statistics.
China's Central Bank Gives Cities Room to Lower Mortgage
China's central bank is giving local governments leeway to lower
mortgage rates for first-time home buyers, in a bid to shore up the
nation's slumping real-estate market.
The People's Bank of China said late Thursday that cities that
have recorded month-on-month and year-over-year drops in home
prices between June and August can relax the floor on mortgage
rates for first-time buyers.
Russian Oligarch Oleg Deripaska Charged With Violating U.S.
The Justice Department on Thursday charged Russian industrial
tycoon Oleg Deripaska and three of his associates with sanctions
evasion and other crimes, the latest step in an effort by the U.S.
and its allies to hold wealthy associates of Russian President
Vladimir Putin accountable for his country's invasion of
Federal prosecutors in Manhattan charged Mr. Deripaska, a
raw-materials magnate who founded Russian aluminum giant Rusal, and
two associates-Russian citizen Natalia Bardakova, and New Jersey
resident and U.S. citizen Olga Shriki-with one count of conspiring
to violate and evade U.S. sanctions, in violation of the
International Emergency Economic Powers Act.
Escalation of Ukraine War Effort Raises Risks to Russia's Putin
at Home and Abroad
MOSCOW-Russia is planning triumphant ceremonies and public
rallies as President Vladimir Putin prepares to formally annex a
broad, additional swath of neighboring Ukraine in the coming
The celebrations are set to echo the pomp and circumstance that
accompanied Russia's seizure of Ukraine's Crimean Peninsula eight
years ago, an event that Mr. Putin marked in the imperial grandeur
of the Kremlin's gilded St. George's Hall.
Twitter Co-Founder Dorsey Tried to Smooth the Way for Musk,
Agrawal, Messages Show
Twitter Inc. co-founder Jack Dorsey tried to facilitate Elon
Musk's relationship with Twitter's chief executive officer a day
after the social-media platform accepted the billionaire's $44
billion takeover bid, according to text messages made public
The messages, disclosed as part of a lawsuit in Delaware
Chancery Court over Mr. Musk's stalled deal to take the
social-media company private, show Mr. Dorsey praising CEO Parag
Agrawal ahead of a proposed meeting at the end of April.
Barclays to Pay $200 Million SEC Fine Over Debt-Sale Snafu
Barclays PLC agreed to pay a $200 million fine to settle
Securities and Exchange Commission charges stemming from a flubbed
debt sale earlier this year.
The British bank had registered with the SEC to sell up to $20.8
billion in securities but sold some $38.5 billion worth instead.
The flub involved the sale of structured notes, or debt instruments
linked to an underlying reference such as the S&P 500 index,
and exchange-traded notes.
Mark Zuckerberg Freezes Hiring at Facebook-Parent Meta
Facebook parent Meta Platforms Inc. has told employees that it
will be implementing a hiring freeze and will be taking more steps
to reduce the company's costs, according to people familiar with
CEO Mark Zuckerberg notified employees of the hiring freeze on
Thursday during his weekly all-hands meeting. The announcement
comes after The Wall Street Journal last week reported that Meta
was planning to cut expenses by at least 10% in the coming months,
including by trimming ranks.
Google to Shut Down Stadia Videogame Service
Google said it is shutting down Stadia, which launched in 2019,
because the videogame service didn't have enough users.
"While Stadia's approach to streaming games for consumers was
built on a strong technology foundation, it hasn't gained the
traction with users that we expected," Phil Harrison, Stadia's vice
president and general manager, said in a blog post.
Write to firstname.lastname@example.org
Expected Major Events for Friday
04:30/NED: Aug PPI
04:30/NED: Aug Retail turnover
06:00/UK: 2Q Balance of Payments
06:00/UK: 2Q Business investment revised results
06:00/DEN: 2Q Revised GDP
06:00/DEN: Aug Unemployment
06:00/UK: 2Q UK quarterly national accounts
06:00/UK: Sep Nationwide House Price Index
06:30/SWI: Aug Retail Sales
06:45/FRA: Aug PPI
06:45/FRA: Aug Household consumption expenditure in manufactured
06:45/FRA: Sep Provisional CPI
07:00/SPN: Aug Retail Sales
07:00/HUN: Aug PPI
07:00/SWI: Sep KOF economic barometer
07:00/TUR: Aug Foreign Trade
07:55/GER: Sep Labour market statistics (incl unemployment)
08:00/BUL: Aug PPI
08:00/ITA: Aug Unemployment
08:30/UK: Aug Money and Credit - Lending to Individuals, Lending
to Businesses, Broad Money and Credit
08:30/UK: Aug Monetary & Financial Statistics
08:30/UK: Aug Bank of England effective interest rates
09:00/CRO: Aug Industrial Production Volume Index
09:00/CYP: Aug PPI
09:00/GRE: Aug PPI
09:00/GRE: Jul Turnover Index in Retail Trade
09:00/ITA: Sep Provisional CPI
09:00/ITA: Sep Cities CPI
09:00/LUX: Aug PPI
09:00/CRO: Aug Retail trade
09:00/EU: Aug Unemployment
09:00/EU: Sep Flash Estimate euro area inflation
10:00/POR: Aug Retail trade
12:00/POL: 2Q Quarterly Balance of Payments
13:00/BEL: 2Q Balance of Payments
15:59/UKR: Aug Industrial Production
16:59/LUX: 2Q Balance of Payments
16:59/SPN: Aug Budget deficit
16:59/SPN: Jul Monthly Balance of Payments
16:59/BEL: Aug PPI
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(END) Dow Jones Newswires
September 30, 2022 00:22 ET (04:22 GMT)
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