FT: Archegos founder Bill Hwang found guilty over fund’s collapse
THE FINANCIAL TIMES reports: A New York jury has found former Wall Street trader Bill Hwang ...
TFII: SOLID AS USUALMAERSK: WEAKENINGF: FALLING OFF A CLIFFAAPL: 'BOTTLENECK IN MAINLAND CHINA'AAPL: CHINA TRENDSDHL: GROWTH CAPEXR: ANOTHER SOLID DELIVERYMFT: HERE COMES THE FALLDSV: LOOK AT SCHENKER PERFORMANCEUPS: A WAVE OF DOWNGRADES DSV: BARGAIN BINKNX: EARNINGS OUTODFL: RISING AND FALLING AND THEN RISING
TFII: SOLID AS USUALMAERSK: WEAKENINGF: FALLING OFF A CLIFFAAPL: 'BOTTLENECK IN MAINLAND CHINA'AAPL: CHINA TRENDSDHL: GROWTH CAPEXR: ANOTHER SOLID DELIVERYMFT: HERE COMES THE FALLDSV: LOOK AT SCHENKER PERFORMANCEUPS: A WAVE OF DOWNGRADES DSV: BARGAIN BINKNX: EARNINGS OUTODFL: RISING AND FALLING AND THEN RISING
THE FINANCIAL TIMES reports:
Global stocks fell on Thursday after better than expected US economic data bolstered the Federal Reserve’s belief that further monetary tightening is required.
The S&P 500 fell 2 per cent in afternoon dealings after US third-quarter gross domestic product growth was revised higher to a 3.2 per cent annualised rate, from 2.9 per cent in November. Weekly initial jobless claims numbers were also lower than expected at 216,000, below the 222,000 forecast by economists. The tech-heavy Nasdaq Composite index slid 2.8 per cent.
The upward revision in growth “[confirms] the Fed’s assertion that the real economy is on strong enough footing to endure restrictive monetary policy for an extended period of time,” said Ian Lyngen, head of US rates strategy at BMO Capital Markets.
The fresh bout of selling comes in the penultimate week of a year that has been dominated by the Fed’s attempt to tamp down inflation with large rises in borrowing costs. The S&P 500 is down by around a fifth for 2022, leaving Wall Street’s blue-chip share index on track for its worst year since the 2008 financial crisis, according to Refinitiv data. Bond markets have also sustained a powerful blow, leaving investors with few corners to seek refuge…
The full story is here.
Related content: “Surprise US GDP Revisions Blindside Policy Doves“.
In early afternoon trade (EST): Dow -2.2%; S&P -2.8%; Nasdaq Composite -3.5%.
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