Friday, August 12, 9:05pm
U.S. equities are looking at a higher open as the S&P 500 and Nasdaq remain on track for a fourth straight weekly advance after S&P futures held the 4,200 level late yesterday and in the overnight session. Stocks have been buoyed this week following despite high inflation reports in the US (CPI and PPI), leading investors to scale back views on how far U.S. interest rates and inflation can climb, while oil recoups some of the previous week’s losses. Odds of a 75-basis points U.S. hike in September were as high as 68% earlier in the week, but are now around 34%, where they were a week ago according to FedWatch. In Asian markets, The Nikkei Index surged 727 points or 2.62% to 28,456 (highest level since January), the Shanghai Index dipped -4 points to 3,276, and the Hang Seng Index gained 93 points to 20,175. In Europe, the German DAX is up 60 points to 13,757, while the FTSE 100 rises about 25 points to 7,493. US listed China stocks lower after 5-US listed China stocks, including SNP and PTR said that they intend to delist their American depositary shares from the NYSE, as U.S. and Chinese regulators remain at loggerheads over audit requirements. In separate filings to the Hong Kong stock exchange, China Life Insurance Co. Ltd. (China), PetroChina Co., China Petroleum & Chemical Corp., Aluminum Corp. of China Ltd., and Sinopec Shanghai Petrochemical Co. said they would apply for the voluntary delisting of their ADSs from the NYSE. Brent crude was headed for a weekly climb of more than 3%, recouping part of last week’s 14% tumble.
NYC Journals 