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Wake Up Wall Street (SPX) (QQQ): PPI to blip, but then markets to slip back to slumber before next week

Ivan Brian FXStreet

Here is what you need to know on Friday, December 9:

Equity markets recovered ground on Thursday on the back of no news. That may be a bit disingenuous to say, but really this week has been one of waiting before next week's volcano. Markets were due a bounce on Thursday after five straight days of losses and some position closing ahead of the weekend and today's PPI. At least the PPI will provide some form of catalyst, but it is likely to be shortlived. Next week is just too big a week to go into with large open positions. We have the ECB, Fed and CPI as well as a massive options expiry on Friday.

The US Dollar has also given up some gains and is largely flat this morning, down to 104.65 for Dollar Index. Oil is still under pressure at $72.05, and Gold at least looks a little brighter (excuse the pun!) at $1,801. Bitcoin is looking lively at $17,200.

See forex today

European markets higher: Eurostoxx +0.3%, FTSE +0.1% and Dax +0.4%.

US futures are higher: Nasdaq +1.7%, Dow +1% and S&P +1.3%.

Wall Street top news

Russian and US reps to meet in Turkey - TASS citing sources.

Reuters headlines

Tesla Inc (TSLA): Tesla will suspend Model Y assembly at its Shanghai plant between Dec. 25 and Jan. 1, according to an internal memo detailing the automaker's latest production plan, reviewed by Reuters, and two people with knowledge of the matter.

Broadcom Inc (AVGO): The company forecast current-quarter revenue above Wall Street estimates on Thursday, signaling strong demand for chips used in data centers and networking equipment.

Costco Wholesale Corp (COST): The company reported first-quarter results on Thursday that missed analysts' estimates.

Alphabet Inc (GOOGL): Australia's competition regulator said its lawsuit against Alphabet's Google that alleged consumers were misled about expanded use of personal data for targeted advertising had been dismissed by a court.

Apple Inc (AAPL): Hundreds of Apple workers in Australia are preparing to go on a strike ahead of Christmas to demand better working conditions and wages, union leaders and staff said.

Bath & Body Works Inc (BBWI): Hedge fund Third Point has built a stake of just over 6% in Bath & Body Works and is pushing for new board members at the retailer, the fund said in a regulatory filing on Thursday.

Boeing Co (BA) & United Airlines Holdings Inc (UAL): Chicago-based United Airlines plans to announce a major Boeing 787 Dreamliner order next week, two sources briefed on the matter told Reuters.

Meta Platforms Inc (META): The Biden administration on Thursday accused Meta of trying to buy its way to dominance in the metaverse, kicking off a high-profile trial to try to prevent the Facebook parent from buying virtual reality app developer Within Inc.

Other news

FTC sues to block Microsoft's (MSFT) deal for Activision (ATVI).

Pfizer (PFE) BioNTech (BNTX) single shot covid/flue vaccine gets FDA fast track status.

Li Auto (LI) misses earnings.

Upgrades and downgrades

Source: WSJ.com

Economic releases

Author

Ivan Brian

FXStreet

Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.

AUD/USD edges higher above 0.7050 as hot CPI lifts RBA rate hike odds

The AUD/USD pair gathers strength to near 0.7055 during the Asian trading hours on Thursday. The Australian Dollar edges higher against the US Dollar as hotter inflation data bolsters expectations of Reserve Bank of Australia rate hikes. The US September Personal Consumption Expenditures inflation report will be in the spotlight later on Thursday.

USD/JPY retakes 158.00 as USD stalls the post-FOMC corrective slide

USD/JPY attracts some dip-buyers during the Asian session on Thursday, climbing back above 158.00 as the US Dollar reverses part of the post-FOMC pullback from a two-week high. Bulls, however, await key US macro data – the Advance Q3 GDP and the PCE Price Index – before positioning for further gains. Focus will then shift to the crucial BoJ policy update on Friday amid firming expectations for a December rate hike.

Gold weakens further below $4,050 amid Fed rate hike bets and Iran risks

Gold sticks to intraday losses below the $4,050 level heading into the European session ,and for now seems to have snapped a three-day winning streak to the weekly top set the previous day. The US Dollar attracts fresh buyers after Wednesday's post-FOMC corrective slide from a two-week high and is seen as a key factor weighing on the precious metal.

US GDP expected to grow at 3.2% in Q3

The United States Bureau of Economic Analysis is set to publish its preliminary estimate of the Gross Domestic Product for the July-September period on Thursday, with analysts expecting the data to show annualised growth at a solid 3.2%, a decent improvement from the 2.2% expansion recorded in the previous quarter. Markets brace for US growth and PCE data amid geopolitical jitters

European Central Bank is expected to hold interest rates despite high inflation pressures

The European Central Bank concludes its two-day monetary policy meeting on Thursday and will announce its decision at 13:15 GMT. The bank is widely expected to leave the interest rate on the Main Refinancing Operations and the Deposit Facility unchanged at 2.65% and 2.50%, respectively, after having raised both of them by 25 basis points in September.

Anthropic pledged $270 billion to Amazon, Google, and Microsoft. Here's who actually gets paid

Anthropic owes Amazon, Google, and Microsoft at least $269.4 billion for computing power, even if it uses less. All three sell its models and handle its billing, and Amazon and Google own stakes and lend it money, so they get paid regardless of how the IPO goes. The Dario Amodei-led Anthropic filed its initial public offering (IPO) on Monday, seeking a listing on the Nasdaq under the ticker ANT.