By ELAINE KURTENBACH and MATT OTT
Markets were slow to recover on Wednesday, with little news on market developments expected until next week’s inflation reports.
S&P 500 futures rose just 0.1%, while Dow Jones Industrials futures were essentially flat.
Next week, the US government will release its latest monthly inflation updates and the Federal Reserve will meet on interest rate policy. The bet on Wall Street is that the Fed may delay a rate hike, which would be the first time it has happened in over a year, but could resume raising rates in July.
Investors are watching to see which will come first: a recession or a drop in inflation enough for the Fed to start cutting interest rates, which have soared so high they have hurt various parts of the economy. ‘economy.
Even though the S&P 500 is approaching a bull market, almost as many stocks as it contains are down this year as much as concerns remain about falling corporate profits, still-high inflation and interest rates. much higher interest rates than a year ago.
Before markets opened on Wednesday, Coinbase recouped some of its losses from a day earlier when the The Securities and Exchange Commission charged allowing it to operate its trading platform as a national securities exchange, broker and unregistered clearing agency.
Shares gained 3% early Wednesday after losing about 12% a day earlier.
In China, trade data indicated a further slowdown in its recovery from the disruptions of the pandemic.
China declared its exports fell 7.5% from a year earlier in May and imports fell 4.5%, adding to signs of a slowdown in its economic recovery after the lifting in December of virus controls that have disrupted travel and trade.
The decline in exports was the first year-on-year in three months as export volumes fell below their levels at the start of the year. And with the worst yet to come for many developed economies, we believe exports will continue to slide before bottoming out later this year, said Julian Evans-Pritchard of Capital Economics in a commentary.
The Shanghai Composite gained 0.1% to 3,197.76, while the Hang Seng in Hong Kong gained 0.8% to 19,252.00.
Tokyo’s Nikkei 225 index lost 1.8%, the biggest drop in 12 weeks, to 31,913.74. Analysts said investors were selling to lock in recent gains as prices hit their highest level since the early 1990s.
In Seoul, the Kospi was virtually unchanged at 2,615.60, while Australia’s S&P/ASX 200 edged down 0.2% to 7,118.00. Shares rose 1% in Taiwan and fell 0.3% in Bangkok.
In Europe at midday, the German DAX, the CAC 40 in Paris and the FTSE 100 in London were all up around 0.1%.
In other trade on Wednesday, the benchmark U.S. crude recovered from earlier losses, gaining 71 cents to $72.45 a barrel in electronic trading on the New York Mercantile Exchange. On Tuesday, it lost 41 cents to $71.74 a barrel. Brent crude, the international standard, added 68 cents to $76.97 a barrel.
Both were close to $120 a year ago but fell amid concerns about the global economy’s declining fuel needs.
The US dollar bought 139.52 Japanese yen, down slightly from 139.66 yen. The euro fell from $1.0695 to $1.0710.
On Tuesday, the S&P 500 rose 0.2%, ending just 0.2% from finishing 20% above where it was in mid-October. The Dow Jones Industrial Average edged up less than 0.1%, while the Nasdaq composite rose 0.4% to 13,276.42.
Kurtenbach reported from Bangkok; Ott reported from Silver Spring, Maryland.
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