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The facade of the New York Stock Exchange.

The facade of the New York Stock Exchange. Photograph: Brendan McDermid / Reuters

Good morning and welcome to our continued coverage of the world economy, financial markets, the eurozone and business.

The rotation of fast-growing tech companies toward undervalued recovery stocks appears to have reversed, with technology back in demand.

Last night the Nasdaq it had its best day since November, rising 3.7% just one day after the index fell into a correction.

Electric car manufacturer Tesla It had a particularly bright day, surging nearly 20% as traders ignored concerns that inflationary pressures and rising borrowing costs could hamper the global recovery.

Sonia Shenoy
(@_soniashenoy)

THE BULLS RETURN
Nasdaq rallies 464 points, best day since November
Tech stocks jump, tesla rises 19.6%, biggest one-day gain since February 2020
US bond yields fall to 1.54% after trading as high as 1.62% on Monday
SGX nifty up 61 points


March 10, 2021

Investing.com
(@Investingcom)

⚠️RUPTURE:

* THE FUTURE OF THE US STOCK INDEX POINT TO OPEN QUIET AFTER NASDAQ HAS THE BEST DAY SINCE NOVEMBER https://t.co/c2YtNoxoA3 $ DAY $ SPY $ QQQ $ IWM $ DIFFICULTY pic.twitter.com/qL28BzXwAs


March 10, 2021

The rally appeared to be triggered, at least in part, by a rebound in US government bond prices, which sent yields (or interest rates) down again.

Kyle rodda of I G Explain:


A reversal in bond yields and a subsequent rise in US tech stocks caused market sentiment to turn decidedly bullish.

It was the big tech names that really drove the market higher, with the rotation of the most beloved growth names of 2020, to stocks that would benefit from the rebound in global economic activity reversing on Wal Street, albeit only be it for the moment. The NYSE FANG + index added a remarkable 7 percent, driven by a nearly 20 percent rise in Tesla shares, and companies like Apple, Amazon and Facebook posted solid rallies in their own right.

But given the recent pressure on bond yields, it’s not clear that this rally in tech stocks really has staying power. But we’ll see!

In the short term, European stock markets are heading towards a more moderate open, one day after hitting a one-year high.

IGSquawk
(@IGSquawk)

European opening calls:#FTSE 6696 -0.52%#DAX 14414 -0.16%#CAC 5918 -0.13%#AEX 675 -0.02%#MY B 23788 -0.12%#MOUNTAIN GOAT 8474 -0.26%#OMX 2118 -0.34%#STOXX 3781 -0.13%#IGOpeningCall


March 10, 2021

Asia-Pacific markets are up a bit, recovering from a two-month low on Tuesday,

Investors are particularly interested in seeing the latest US inflation data, to be released later today, as it will show whether price pressures were building in February.

Inflation could give policymakers a headache as economies reopen this year, although central bankers have insisted that recovery will be a long road …

The agenda

  • 7.45 a. M. GMT: French industrial production
  • Noon GMT: Weekly US Mortgage Applications.
  • 13:30 GMT: US inflation for February
  • 3.30 pm GMT: US weekly oil inventory figure.




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