Dow Jones skriver, at de europæiske aktier ventes at stige i dag efter store kursfald i USA, som skyldes en række faktorer: Facebook, der gik i sort i seks timer; bekymring over teknologiselskaberne; stigende energipriser; Evergrande-krisen og fortsættelsen af handelskrigen mellem USA og Kina trods nye forhandlinger.
Uddrag fra Fidelity:
Stocks to Rebound Despite U.S. Tech Selloff, Inflation Fears
European stocks are primed for solid opening gains on Tuesday, with major benchmarks likely to recover the previous session’s losses. U.S. futures also inched higher, suggesting Wall Street could recoup some of Monday’s heavy losses.
This despite Asian markets suffering a broad retreat on Tuesday, tracking the technology-driven selloff in U.S. shares, and as investors confronted fresh concerns about the health of China’s property sector and the impact of multi- year high crude oil prices will have on inflation.
Big tech fell the most in Monday’s U.S. retreat, with many in the group in correction territory.
Forex:
The dollar strengthened in Asia on safe-haven demand and the currency still looks bullish in the short term, owing to China-U.S. tensions and risks related to China Evergrande, Oanda said.
Morgan Stanley said the dollar’s recent rally isn’t over with the DXY Dollar Index likely to rise to 96.000 and EUR/ USD to fall to 1.14 before year-end.
Surging European gas prices should also boost the dollar through safe-haven flows and as the adverse affect of the price shock on economic activity reduces the likelihood of the European Central Bank tightening its monetary policy stance, Lord said. Meanwhile, the U.S. economy is among the least exposed to the growth headwinds facing China, he added.
Energy:
Oil futures extended gains in Asia after OPEC+ maintained its current agreement to gradually raise crude production each month. Oil rallied Monday, with U.S. prices settling at a nearly 7-year high.
“Markets were expecting a larger increase, with some estimates around 800,000 b/d, given forecasts of a deepening deficit in oil markets,” said Commonwealth Bank of Australia. “OPEC’s outlook suggests further reductions in global oil stockpiles. That’s a problem given that oil inventories are already low.”
Mizuho’s Bob Yawger said: “Recent chatter in the oil space had raised the possibility that OPEC+ would increase by more than 400,000 in order to cool runaway energy prices. That did not happen. The market also caught a bid just as the OPEC announcement was hitting the tape, when the Saudi Aramco CEO, Amin Nasser, said the natural gas crisis had already boosted oil demand 500,000 bpd.”
Metals:
Gold weakened slightly in Asia after it tallied a gain for a third session in a row, with prices finding some support from weakness in the dollar as tensions between China and Taiwan boosted safe-haven demand for the precious metal.
Prospects that the Fed may still wind down economic support this year could pressure gold in the near term, said ICICI Securities. “Reduced stimulus and higher interest rates tend to push government bond yields up, raising gold’s opportunity cost.”
Copper production growth from next year should benefit from the delayed ramp up of some projects as well as improved output from Escondida, the world’s No. 1 copper mine, said Fitch.
It revised its 2022 copper mine output growth forecast to 4.7% from 4% previously, and its 2023 projection to 4% from 3.2%. “We were already expecting 2022 and 2023 to be relatively strong growth years for Chilean copper production given the slate of projects coming online,” Fitch said.
Evergrande:
Empty Buildings in China’s Provincial Cities Testify to Evergrande Debacle
LU’AN, China-Rows of residential towers, some 26 stories high, stand unfinished in this provincial city about 350 miles west of Shanghai, their plastic tarps flapping in the wind.
Elsewhere in Lu’an, golden Pegasus statues guard an uncompleted $9 billion theme park that was supposed to be bigger than Disneyland. A planned $4 billion electric-vehicle plant, central to local leaders’ economic dreams, remains a steel frame with overgrown vegetation spilling into the road.
U.S. Wants New Trade Talks With China, but Will Keep Tariffs:
WASHINGTON-The Biden administration began defining its China trade policy Monday, saying it aims to launch new talks with Beijing but will keep existing tariffs in place, while also restoring the ability of U.S. importers to seek exemptions from those levies.
The new policy, outlined by U.S. Trade Representative Katherine Tai on Monday, largely builds on the China trade policy initiated by former President Donald Trump, who launched the biggest trade war since the 1930s in an attempt to get China to buy more U.S. goods and to stop it from pressuring American companies to hand over their trade secrets.
Facebook:
Some Facebook, Instagram, WhatsApp Services Restored After Hourslong Global Outage.
Facebook Inc.’s services went offline for as much as six hours Monday before some of them were restored, an extended outage that disrupted access for users and businesses around the world and left the tech company flailing for a solution.
The company apologized for the outage, which affected its core platforms and apps including WhatsApp, Instagram, and Facebook Messenger-and which an outside tracking firm said appeared to be the most widespread in its history. Facebook said the problem was due to networking issues. Outside experts said it appeared to stem from a change the company made to networking instructions for access to its systems.
