Wednesday Morning Reads
Reads:
- Surging Oil and Commodity Prices
- Executives Aim to Keep Them High
- The Economy Looks Set to Roar
- Fed’s Keeper of Secret
- Rein In Wall Street
- The Rise of an Antitrust Pioneer
- Gaming Booms
- GameStop Shares Crash
- $28 Billion Money Machine Really Works
- The Recession is Over
futures:
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S&P 500 futures trade 22 points, or 0.6%, above fair value.
Equity indices in the Asia-Pacific region ended Thursday on a higher note while India's Sensex was closed for a holiday. ANZ will reduce its headcount in China by 850, leaving about 800 bank employees in China. Bank of Korea cautioned that South Korea could see a faster than expected increase in inflation. Honda accepted a request from its employee union to increase bonus payouts to the equivalent of 5.3 months of salary.
- In economic data:
- Japan's February PPI 0.4% m/m (expected 0.5%; last 0.5%); -0.7% yr/yr, as expected (last -1.5%)
- Australia's March MI Inflation Expectations 4.1% (last 3.7%)
- New Zealand's February Food Price Index -0.9% m/m (last 1.3%)
---Equity Markets---
- Japan's Nikkei: +0.6%
- Hong Kong's Hang Seng: +1.7%
- China's Shanghai Composite: +2.4%
- India's Sensex: CLOSED
- South Korea's Kospi: +1.9%
- Australia's ASX All Ordinaries: +0.1%
Major European indices trade in mixed fashion. The European Central Bank left rates unchanged as widely expected. In addition, the Governing Council expects purchases under the Pandemic Emergency Purchase Programme to be conducted at a significantly higher pace over the next quarter than during the first months of this year. Greek officials are reportedly planning more fiscal support. Switzerland raised its GDP growth forecast for 2022 to 3.3% from 3.1% while the forecast for 2021 remained at 3.0%.
- There was no notable data
---Equity Markets---
- STOXX Europe 600: +0.3%
- Germany's DAX: +0.1%
- U.K.'s FTSE 100: UNCH
- France's CAC 40: +0.2%
- Italy's FTSE MIB: +0.8%
- Spain's IBEX 35: +0.3%