S&P500 Futures retreat towards 4,400, yields grind higher as central banks fuel recession woes – by anilpanchal7 SP500 Futures YieldCurve CentralBanks Recession
strength to the risk-off mood could be the higher inflation concerns and the US-China tension. However, a holiday in Beijing joins a lightin Asia, apart from Japan’s inflation, to restrict the trading momentum ahead of the key preliminary activity data for June.
While portraying the mood, the S&P500 Futures print mild losses around 4,415 after the previous day’s mixed closing of Wall Street and upbeat US Treasury bond yields. That said, the US 10-year and two-year Treasury bond yields rose the most in a week after the central bank play before recently easing to around 3.78% and 4.79% in that order by the press time. picks up bids to extend the previous day’s rebound from the six-week low to around 102.55 by the press time.
A slew of central banks announced hawkish moves the previous day and bolstered concerns of “higher for longer” rates. Among them, the Bank of England , informally known as the “Old Lady”, surprised markets by lifting benchmark rates by 50 basis points to 5% versus major expectations favoring a 0.25% rate hike. Further, the Swiss National Bank matched market forecasts while announcing 25 basis points increase in its benchmark interest rate, to 1.75%.
However, most of the respective currencies remained on the back foot amid fears that the broad rate hikes have an economic toll, especially during a time of higher inflation and geopolitical tension.also weighs on the risk profile. Fed Chairman Jerome Powell repeated most of his previous day’s remarks during his testimony 2.0, this time in front of the Senate Housing Committee.
Looking ahead, the first readings of June’s activity numbers for the UK, Germany, Eurozone and the US will be crucial to watch for clear directions. It’s worth noting, however, that the downbeat mood can continue to weigh on the riskier assets.
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