MNI BRIEF: US May Existing Home Sales Pace Falls 0.7% To 4.11M

MNI INTERVIEW2: Uninsured Bank Deposits Still Vulnerable-Bair

CANADA APR RETAILS +0.7%, MATCHING FORECAST, PRIOR -0.3%

MNI BRIEF: China Hopes EU To Ease Frictions Via Negotiations

MNI: PBOC Net Injects CNY8 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.1196 Fri; -1.41% Y/Y

MNI: BAKER HUGHES US RIG COUNT 588; OIL RIGS 485; GAS RIGS 98

EZ/UK Bond Supply Calendar: EU Auction, BoE APF Monday

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Bounce Proves Short-Lived as Equities Begin to Creep Lower

EQUITIES
  • European markets opened well on Wednesday morning, reflecting a bounce off the week's lowest levels and a stabilization of the risk outlook. Wall Street followed suit, with the hardest hit tech names leading the recovery and prompting the NASDAQ to show decent early outperformance.
  • These patterns soon reversed following the London close, with the familiar theme of value over growth re-emerging to pressure indices back toward the week's lower levels. The softening of price action was less dramatic than earlier in the week, with no new lows being printed, but continues to show that a rally back toward early September's alltime highs could be difficult absent fresh macro catalysts.
  • The materials sector was the poorest performer in the S&P 500 thanks to a stalling in the recent commodities rally - with mining and exploration firms the hardest hit. The likes of Freeport McMoRan and Newmont Mining were off close to 2% apiece.
  • Utilities and consumer staples - typical defensive names - were the firmest, underlining the still-fragile nature of markets.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Homepagemarkets-real-timeEquitiesBank of America Market NewsBulletMarketsFixed Income BulletsForeign Exchange BulletsAT&T Market News
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Homepagemarkets-real-timeEquitiesBank of America Market NewsBulletMarketsFixed Income BulletsForeign Exchange BulletsAT&T Market News

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.