Rise and shine Traderade family
We had quite the Fed day yesterday! I hope you joined us for the Mid-Week Update to listen to our analysis and guest appearance from me.
The big news last night was Meta closing at +18.7% on their earnings announcement and the major news to look forward to today are the rest of big tech - Apple, Amazon and Google all report after the close. It sure will be an exciting post-market session.
Asia and Australia
Even after being oversubscribed the Adani group called off their $2.4B follow up share sale as they pressure mounts on their share and bond prices. Citi has also now restricted their issues as collateral for trading / investments.
BoJ’s Deputy Governor Wakatabe reiterated his support for easing to achieve the inflation target in a sustainable manner, given extremely high uncertainties over future developments (such as commodity prices and Covid developments).
Multiple cities in China lower mortgage rates amid a weak start in property sales
Europe, Middle East, Africa
The Bank of England raises rates by 50bps to 4% as expected and discussed that further rate increases may still be appropriate, despite a discussion on inflation peaking. Officials led by Governor Andrew Bailey estimated the economy is already in recession but that the downturn will be shorter and shallower than they had projected in November.
The ECB also raised rates by 50bps and we’re to get some more guidance on assets being run-off the balance sheet & future rate increases.
OPEC+ producers agree to maintain output levels as they await clarity on demand from China and supplies from Russia
The Americas
US confirms deal with Philippines to boost American access to four more bases
McCarthy believes he and Biden can strike potential two-year deal on debt ceiling
The Biden administration on Wednesday proposed a rule to limit late fees on credit cards, kicking off a regulatory battle with banks that issue the cards. The rule put forward by the Consumer Financial Protection Bureau aims to lower penalties to $8 from as much as $41 for a missed payment, according to the CFPB, which said the fees typically far exceed the card issuers' costs to collect late payments.
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