November 29, 2021

Taylor Daily Press

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U.S. macro data central to stock markets after a day of severe losses

U.S. macro data central to stock markets after a day of severe losses

Amsterdam (ANP) – Investors in the Amsterdam Stock Exchange are expecting a series of macroeconomic data, mainly from the US, on Wednesday, which will be released later in the day. For example, US weekly benefit requests, economic growth and orders for durable goods are on the agenda. German business confidence in November and developments surrounding the corona epidemic will also be taken into account, and now the epidemic figures in Europe are rising again.

In addition, the focus is on the minutes of the last policy meeting of the Federal Reserve, which will appear after the final hour in European markets. These notes may provide further insight into the gradual abandonment of US Federal Reserve support, which will keep US interest rates low. Bond yields have been rising since central bank chairman Jerome Powell announced it could last a second term. His re-appointment sparked speculation that the central bank’s support measures could now be cut quickly and interest rates raised soon.

Based on the opening indicators, the AEX index on the Beursplein 5 is heading for a higher start after a 1.6 percent high loss a day earlier. Elsewhere in Europe, markets are starting to turn a profit. In the Asian region, major stock markets showed a mixed picture on Wednesday.

Airlines

In Tokyo, investors returned after a day off, with the Nikkei down 1.6 percent. Japanese technology companies in particular have been hit hard by fears of interest rates. Higher interest rates are negative for high-growth technology companies because their future profits will become less attractive at higher interest rates. In New Zealand, the central bank raised interest rates from 0.5 percent to 0.75 percent to control inflation.

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At the business front, airlines are attracting attention. According to Michael O’Leary, CEO of budget airline Ryanair, European corporations’ recovery is threatened by new corona operations in many countries, such as the lockout in Austria. According to him, those restrictions are meaningless and create a tough time for airlines until and beyond Christmas.

The euro was trading at $ 1.1244, up from $ 1.1266 a day earlier. The price of a barrel of US oil rose 0.5 percent to $ 78.90. Brent oil rose 0.4 percent to $ 82.65 a barrel.