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Bank of Americas February fund manager survey: (Corporate) earnings expectations reached their highest level since August 2021, but investors say companies are "over-investing" at a record pace.Bank of Americas February fund manager survey: Global investors remain "extremely optimistic," but asset price upside is limited in the first quarter.February 17th - The UK unemployment rate rose to its highest level in nearly five years, and wage growth also slowed as the labor market continued to weaken, potentially meaning the central bank will cut interest rates in the spring. The UK Office for National Statistics said on Tuesday that the unemployment rate rose to 5.2% in the fourth quarter of last year, higher than economists had predicted. The Bank of Englands preferred indicator of private sector wage growth also fell to 3.4%, the lowest level in more than five years. Taken together, these figures are likely to reassure Bank of England policymakers, as inflationary pressures in the labor market are easing rapidly enough to prompt them to cut interest rates again.February 17th - The UK Office for National Statistics said on Tuesday that annual wage growth, excluding bonuses, fell to 4.2% in the last three months of 2025, lower than the same period of the previous year. The Bank of England is monitoring wage growth as an indicator of how long the UKs inflation above target will persist. On Monday, investors almost fully priced in expectations of two 25-basis-point rate cuts by the Bank of England before the end of the year, as concerns about inflation gave way to worries about the labor market and the overall economy.Eurozone Stoxx 50 futures fell 0.40%, German DAX futures fell 0.40%, and UK FTSE 100 futures fell 0.03%.

S&P 500 Moves To Session Lows After Hawkish Comments From Fed Officials

Skylar Shaw

Nov 29, 2022 15:46

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Chinese protests and Fed speakers lower market sentiment

As traders reacted to protests in China and hawkish remarks from Fed officials, the S&P 500 ended the day below the 4000 mark.


Protests erupted in China after a fire in the Xinjiang province claimed the lives of 10 people. Protesters felt that anti-coronavirus precautions were to blame for the fire victims' delayed assistance.


Markets worry that China's zero-COVID policy and protests will increase economic pressure and cause more supply chain problems. These worries caused WTI oil to reach yearly lows, but oil markets recovered on December 4 amid speculations of a probable OPEC+ output cut.


Additional pressure was applied on market sentiment by Fed speakers. Fed's Williams stated that by the end of 2023, the jobless rate could reach 5% and inflation would still be too high. He stated that the Fed should keep raising interest rates.


Williams also said that the Fed would start lowering interest rates in 2024, which the market found to be excessively hawkish given that it had hoped the Fed would begin doing so in the second half of 2023.


Bullard of the Fed stated that the markets were underestimating the likelihood of increased interest rates. He said the rates have to be increased by at least 5%.


Tech equities, which are susceptible to shifts in the market's appetite for risk, were the main drivers of today's decline. In today's trading session, Apple, Microsoft, and Meta all experienced a slight decline of roughly 2%.

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