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Analytics
US stocks climbed overnight as investors continued to bet on the upcoming inflation report. The data is expected to show consumer prices cooled by 0.1% in December, down to 6.5% from 7.1% in November, thus signaling less hawkish steps from the Fed down the road. The Dow Jones closed up 0.80%, the S&P 500 gained 1.28% and the Nasdaq Composite added 1.76%. Of note, the session brought the first four-day rally for the Nasdaq since September.
Wall Street equities finished lower overnight after jobs data showed the labor market remains strong, implying that the Federal Reserve will keep raising interest rates. The ADP employment report showed private payrolls grew by 235,000 jobs in December versus the expected increase of 150,000. The S&P 500 gave up 1.2%, the Dow Jones shed 1.0%, while the tec-heavy Nasdaq Composite tumbled by 1.5%.
Asian equity markets fell on Thursday, with MSCI's broadest index of Asia-Pacific shares outside Japan down 1.06%, looking set for a third straight week of losses. Investors in the region were spooked by soaring COVID cases in China after the relaxation of stringent curbs. Tokyo’s Nikkei 225 index lost 0.94%. The Hang Seng in Hong Kong shed 1.1%, while the Shanghai Composite was down 0.44%. The Kospi in Seoul sank nearly 2% on news that South Korea’s industrial production fell 3.7% from a year earlier in November.
Asian equities fell on Friday as strong US data revived fears the Fed will have to retain its hawkish stance to combat inflation. The country’s GDP rebounded faster in the third quarter, rising 3.2% against the previously estimated 2.9, while new claims for unemployment benefits increased less than expected last week.
Wall Street equities finished sharply lower on Thursday as investors were disappointed by fresh economic data out of the United States. The report showed that retail sales fell 0.6% in November versus -0.3% expected, adding to worries about the Fed’s interest rate hikes that are pushing the economy towards recession. The Dow Jones fell 2.25% in its worst day since September. The S&P 500 dropped 2.49%, bringing its decline for this month to t 4.5%. The Nasdaq Composite tumbled 3.23%.