November 9, 2023
United States:
Stocks Up, Bonds Down After Jobless Claims Data: Markets Wrap
Stock futures rose and bonds fell after jobless claims figures added to evidence that the labor market is cooling, with traders also awaiting remarks from Jerome Powell and a raft of Federal Reserve speakers.
S&P 500 contracts signaled the benchmark index will head toward its longest winning streak since 2004. Treasury 10-year yields climbed five basis points to 4.54%. Thursday’s $24 billion sale of 30-year bonds will be another test of the market’s ability to accept higher issuance. The dollar was little changed. Bitcoin hit an 18-month high, topping $36,000.
https://www.bloomberg.com/news/articles/2023-11-08/stock-market-today-dow-s-p-live-updates
Europe:
Banks Turn to Fee Business as End of Europe’s Rate Boom Looms
Europe’s banks are boosting investments in their fee-generating units as they prepare for the expected end to the massive tailwind they’ve been enjoying from interest-rate hikes.
Boosting fee income will be “a focus point of our growth initiative” for the next several years, Commerzbank AG’s Chief Financial Officer Bettina Orlopp told Bloomberg TV on Wednesday. Wealth management and asset management have been earmarked for growth, she said.
Asia:
China’s Consumer Deflation Returns as Recovery Remains Fragile
China’s deflation pressures worsened in October as consumer prices dipped back below zero and producer cost declines deepened, adding to expectations the economy needs more stimulus to shore up growth.
Consumer prices fell 0.2% last month after hovering near zero in the previous two months, according to data from the National Bureau of Statistics Thursday, lower than the median forecast in a Bloomberg survey of economists. Producer prices fell for a 13th straight month, dropping 2.6%.
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