Global Markets News Round-up: 24/02/23

China has proposed a 12-point plan for ending the war between Russia and Ukraine, including a call for a cease-fire and the elimination of unilateral sanctions. However, it is unlikely to win support from those backing the government in Kyiv. 

UK household confidence rebounded in February, with GfK’s consumer confidence indicator rising seven points to a 10-month high of minus 38, amid signs of easing inflation. But the country is experiencing a housing crisis as mortgage repayment costs have risen above £1,000 per month on average, making renting cheaper than buying for the first time in 14 years. Boris Johnson has refused to commit to backing a deal on Northern Ireland, while Jamie Dimon predicts “some scary stuff” ahead for the US economy. 

The dollar is facing a multi-year decline after hitting generational highs last year, according to some investors who believe that the bulk of Federal Reserve rate increases is over. 

A new indictment of FTX co-founder Sam Bankman-Fried accuses two co-conspirators of helping to illegally seek to influence cryptocurrency regulation. 

The rise of zero-day-to-expiry options has sparked disagreement among experts over their potential market impact, with some warning of increased volatility and leverage.

Deutsche Bank reportedly considered buying some of Credit Suisse’s assets in the past, and may revive the idea if the Swiss firm considers further disposals. 

The yen nudged higher as Kazuo Ueda said the BOJ can move toward normalizing policy if inflation runs at 2% on a stable basis, but it will take time to reach that goal.

Amid this energy crisis and cost-cutting spree, BASF to cut 2,600 jobs

Markets yesterday:

Investors are awaiting key data to gauge the Federal Reserve’s rate-hike campaign. 

US stock futures edged lower as investors look to the release of the personal consumption expenditures index, the Fed’s preferred price gauge, on Friday. 

Meanwhile, stocks in Asia retreated for the fourth consecutive week as investors remain cautious about the revenue outlook of Chinese e-commerce giant Alibaba Group Holding Ltd. 

In Japan, accelerating inflation was reported as the government’s nominee for the next central bank governor faced his first grilling in parliament. 

The Adani Group will hold a fixed-income investor roadshow in Asia next week, while BASF SE announced it decided to terminate a share buyback program ahead of schedule on profound changes in the global economy. 

Oil extended Thursday’s advance, while gold ticked higher, and Bitcoin was on pace for its second monthly advance.

Global indices at 6:30am UKT:

Dow Jones: 33,153.91 (+0.33%)

NASDAQ: 11,590.40 (+0.72%)

FTSE100: 7,907.72 (-0.29%)

CAC40: 7,317.43 (+0.25%)

Sensex: 59,603.01 (+0.00%)

Nifty50: 17,505.2 (-0.03%)

Nikkei225: 27,453.48 (+1.29%)

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