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Stabilisation signs emerge after inflation palpations

By Marc Jones LONDON (Reuters) - Jittery global financial markets saw signs of stabilisation on Thursday, with major equity bourses and bond yields holding their ground and the...
Stabilisation signs emerge after inflation palpations © Reuters. FILE PHOTO: A man looks at stock market monitors in Taipei January 22, 2008. REUTERS/Nicky Loh/File Photo

By Marc Jones

LONDON (Reuters) - Jittery global financial markets saw signs of stabilisation on Thursday, with major equity bourses and bond yields holding their ground and the dollar wilting after the highest U.S. inflation reading in nearly 40 years.

The 7% year-on-year U.S. consumer price inflation reading was the highest since 1982, but after weeks of Federal Reserve officials talking about faster interest rate hikes and stimulus withdrawal it had been widely expected.

MSCI's 50-country index of world stocks barely budged, little changed from where it started the year, while Europe dipped fractionally after two days of solid gains and as the euro climbed to its highest in nearly two months. [/FRX]

Asian markets had weakened slightly as well on softer-than-expected Chinese lending data and more falls in the property sector, but futures markets pointed to a steady restart for Wall Street which had closed higher on Wednesday.

"As we see it, the inflation story is going to persist for good a while longer yet," said Manulife Asset Management's global macro strategist Eric Theoret.

"We have had a tremendous acceleration in the Fed's tightening," he added. Theoret pointed out that when the U.S. central bank raised interest rates in 2015 it waited two years before shrinking its balance sheet, whereas this time it could begin by the end of the year.

"The challenge from here is how the global economy responds to this normalisation."

In the bond markets, where borrowing costs have raced to keep up with rate hike expectations this year, 10-year U.S. Treasury yields hovered around 1.74% and Germany's 10-year yield was up a modest 2 basis points at -0.039 approaching positive yield territory for the first time since May 2019.

In a busy period for bond issuance as countries and companies look to beat the rise in rates, Italy was due to sell up to 7 billion euros of three- and seven-year bonds later, Ireland was eyeing a bumper sale. The week was also set to be a record one for emerging market corporate debt with nearly 30 sales taking place.

"It is a record in my time," said Omotunde Lawal, head of emerging markets corporate debt at Barings. "Most people are swamped, but you can see why with as many as four Fed hikes now priced in."

DOLLAR DOLDRUMS

In the currency markets, the dollar was continuing to slip towards a 2-month low against a basket of currencies. The euro was a big beneficiary of the move and extended its rise to $1.1479, up 0.3% on the day, while sterling and the yen also extended recent gains. [/FRX]

The pound is up more than 4% from December lows and traders have so far shrugged off a political crisis enveloping Prime Minister Boris Johnson who apologised for attending a party in the Downing Street garden during a coronavirus lockdown.

The central bank of New Zealand has begun hiking rates too, and the New Zealand dollar rallied 0.4% to $0.6876, its strongest since late November.

Australia's dollar, which tends to perform well when broader market sentiment is improving, added 0.3% to $0.7305.

The Canadian dollar has rallied more than 3.5% in three weeks, gaining with oil prices as investors look past the potential economic fallout of the Omicron variant.

"The dollar does not have to increase because the Fed is readying a tightening cycle," said Commonwealth Bank of Australia (OTC:CMWAY) strategist Joe Capurso.

"It is not a simple equation of Fed hikes equals dollar increases. The dollar is a counter-cyclical currency which decreases as the world economy recovers."

In Asia, Chinese blue-chips dropped 1.3% after data showing mainland bank lending fell more than expected in December causing property and consumption sectors to sink.

MSCI's broadest index of Asia-Pacific shares outside Japan was flat after recording its biggest daily gain in a month on Wednesday. Japan's Nikkei lost nearly 1% after surging nearly 2% a day earlier.

Oil prices ticked lower in commodity markets too, a day after hitting their highest in nearly two months. [O/R]

Global benchmark Brent crude fell 0.07% to $84.61 per barrel and U.S. West Texas Intermediate crude edged down to $82.58 per barrel. Spot gold held steady at $1,824.54 an ounce.

(Additional Reporting by Tommy Wilkes in London and Andrew Galbraith in Shanghai; Editing by Tomasz Janowski)

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EUR/USD

1.1275

-0.0048 (-0.42%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (6)

Sell (2)

EUR/USD

1.1275

-0.0048 (-0.42%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (6)

Sell (2)

GBP/USD

1.3467

-0.0018 (-0.13%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (1)

USD/JPY

113.90

-0.01 (-0.01%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (3)

Sell (5)

AUD/USD

0.7132

-0.0008 (-0.11%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (7)

Sell (1)

USD/CAD

1.2643

+0.0009 (+0.07%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (2)

Sell (3)

EUR/JPY

128.43

-0.56 (-0.43%)

Summary

Neutral

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (4)

Sell (4)

EUR/CHF

1.0358

+0.0013 (+0.12%)

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↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

Gold Futures

1,842.60

+0.90 (+0.05%)

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Neutral

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (3)

Sell (6)

Silver Futures

23.742

-0.058 (-0.24%)

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Buy

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Buy (9)

Sell (3)

Indicators:

Buy (4)

Sell (2)

Copper Futures

4.4218

+0.0093 (+0.21%)

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↑ Buy

Moving Avg:

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Crude Oil WTI Futures

83.78

+0.47 (+0.56%)

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↑ Buy

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Indicators:

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Sell (0)

Brent Oil Futures

86.00

+0.57 (+0.67%)

Summary

↑ Buy

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3.845

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237.55

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Sell (1)

Euro Stoxx 50

4,075.15

+20.79 (+0.51%)

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Neutral

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (3)

Sell (2)

S&P 500

4,410.13

+12.19 (+0.28%)

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↑ Buy

Moving Avg:

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Sell (0)

Indicators:

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DAX

15,084.93

+73.80 (+0.49%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

Buy (1)

Sell (5)

FTSE 100

7,364.30

+67.15 (+0.92%)

Summary

↑ Buy

Moving Avg:

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Sell (0)

Indicators:

Buy (9)

Sell (0)

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24,243.61

-412.85 (-1.67%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (0)

US Small Cap 2000

2,030.04

+42.12 (+2.12%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (7)

Sell (0)

IBEX 35

8,497.08

+79.28 (+0.94%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (3)

Sell (5)

BASF SE NA O.N.

65.290

+1.030 (+1.60%)

Summary

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Sell (2)

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Buy (10)

Sell (0)

Bayer AG NA

50.91

+0.91 (+1.82%)

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Moving Avg:

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220.18

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Adidas AG

238.18

-2.57 (-1.07%)

Summary

Neutral

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Sell (7)

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Sell (2)

Deutsche Lufthansa AG

6.677

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137.37

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10.978

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Summary

↑ Buy

Moving Avg:

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Indicators:

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Sell (0)

 EUR/USD1.1275↑ Buy
 GBP/USD1.3467↑ Buy
 USD/JPY113.90↑ Sell
 AUD/USD0.7132↑ Buy
 USD/CAD1.2643Sell
 EUR/JPY128.43Neutral
 EUR/CHF1.0358↑ Sell
 Gold1,842.60Neutral
 Silver23.742Buy
 Copper4.4218↑ Buy
 Crude Oil WTI83.78↑ Buy
 Brent Oil86.00↑ Buy
 Natural Gas3.845↑ Buy
 US Coffee C237.55↑ Buy
 Euro Stoxx 504,075.15Neutral
 S&P 5004,410.13↑ Buy
 DAX15,084.93↑ Sell
 FTSE 1007,364.30↑ Buy
 Hang Seng24,243.61↑ Buy
 Small Cap 20002,030.04↑ Buy
 IBEX 358,497.08Neutral
 BASF65.290↑ Buy
 Bayer50.91↑ Buy
 Allianz220.18Sell
 Adidas238.18Neutral
 Lufthansa6.677↑ Sell
 Siemens AG137.37↑ Sell
 Deutsche Bank AG10.978↑ Buy
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