Volatility resurfaces, tech outage rankles

Reuters

Volatility resurfaces, tech outage rankles

जुलाई 19, 2024 at 10:04 पूर्वाह्न UTC

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A look at the day ahead in U.S. and global markets from Mike Dolan

Volatility is resurfacing as a turbulent week for world markets and politics was met on Friday with a global tech outage that's compounded a recoil in mega-cap shares, already hit by fears of new chipmaker curbs and underwhelming earnings guidance.

Major U.S. airlines ordered ground stops on Friday citing communications issues, while other carriers, media companies, banks and telecoms firms around the world also reported that system outages were disrupting their operations.

The Australian government said the problem there appears to be linked to an issue at global cybersecurity firm Crowdstrike CRWD.O, whose stock fell more than 10% out of hours.

The hiatus added to tech sector nerves, where the first sweep of earnings updates in the current reporting season failed to jump the increasingly high market bar.

Streaming giant Netflix NFLX.O registered a beat late Thursday as it added more than 8 million subscribers - exceeding the 5 million expected. But its stock fell overnight on cautious guidance and after said its advertising business would not become a primary driver of revenue growth until at least 2026.

There was a similar reaction for Taiwan's chipmaking bellwether TSMC 2330.TW, whose Taipei-listed shares ended 3.5% lower on Friday despite its strong earnings and guidance - dragged down by Sino-U.S. trade concerns and the U.S. market swoon.

Wall Street futures stayed in the red ahead of Friday's open, with the VIX volatility gauge .VIX hitting its highest level since April. Thursday's drop in the Nasdaq .IXIC meant it was the worst two-day performance for the index since last October and even the small cap .RUT, which had benefited in the early week rotation away from Big Tech, fell back more than 1%.

Big tech wobbles aside, the backdrop of the increasingly uncertain U.S. election race jangled nerves.

While Republican challenger Donald Trump - now clear favorite in betting markets for a return to the White House - took the stage overnight at his party's convention, pressure on President Joe Biden to step aside reached a crescendo and press reports suggest he may announce a withdrawal over the weekend.

Perhaps hedging bets on who may replace Biden, bookmakers reduced the chances of a Trump win to about 60% from more than 70% on Monday after last weekend's assassination attempt on the former President.

Interest rate markets were edgier too, with 10-year U.S. Treasury yields pushing higher despite news of a sharp jump in weekly jobless claims on Thursday.

While futures are still baking in the first Federal Reserve interest rate cut for September, the dollar .DXY bounced back from its week's lows.

The euro EUR= retreated following Thursday's expected decision from the European Central Bank to leave its policy rates unchanged - with markets now expecting a second cut of the year in September but having doubts about the trajectory after that.

Sterling GBP= fell back to $1.29 after a poor UK retail sales reading for June.

Japan's yen JPY= and China's yuan CNH= both slipped too, with the former knocked back by sub-forecast Japanese inflation readings that cast some doubt on Bank of Japan tightening.

Japan's government also cut this year's growth forecast on Friday as consumption took a hit from rising import costs due to a weak yen.

Mexico's peso MXN= nursed sharp losses from the prior session.

China's mainland stocks .CSI300 held the line again, however, and ended the week higher with a seven-session winning streak after the four-day government leadership gathering concluded on Thursday. Hong Kong shares .HSI, however, were closer to the global mood and lost 2% on Friday.

Due to its lack of detail, Chinese officials acknowledged on Friday that the sweeping list of economic goals re-emphasised at the end of the key Communist Party meeting contained "many complex contradictions", pointing to a bumpy road ahead for policy.

More concrete measures may emerge next week.

Back on Wall Street, an anxious end to the week beckons with the patchy trading day due to various tech problems with the global outage and with a thin diary of events and a close eye on the weekend's politics.

Key developments that should provide more direction to U.S. markets later on Friday:

* US corporate earnings: American Express, Fifth Third, Regions Financial, Huntington Bancshares, Travelers, Halliburton, Schlumberger

* Canada June producer prices, May retail sales * New York Federal Reserve President John Williams and Atlanta Fed President Raphael Bostic speaks

Wall Street's head spins https://reut.rs/3LvPX2Y

US jobless claims are rising https://reut.rs/3WcnnZ9

A majority of US voters think Biden should end campaign https://reut.rs/3Y565jv

Japan's inflation and interest rates https://reut.rs/3yeJnL3

Netflix sees strong revenue growth as global subscribers reach nearly 278 mln https://reut.rs/3SdlqKU

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अस्वीकरण: XM Group के सत्व केवल निष्पादन वाली सेवा और हमारी ऑनलाइन व्यापार सुविधा में पहुँच प्रदान करते हैं, ताकि व्यक्ति वेबसाइट पर या उसके जरिए उपलब्ध सामग्री को देख सके और/या उसका उपयोग कर सके। इसका प्रयोजन इसे बदलना या विस्तार देना नहीं है, न ही वह इसे बदलता या विस्तार देता है। इस तरह की पहुँच हमेशा ही निम्नलिखित के अधीन रहेगी: (1) नियम और शर्तें; (2) जोखिम चेतावनियाँ; और (3) पूर्ण अस्वीकरण। इसलिए ऐसी जानकारी सामान्य सूचना से अधिक कुछ भी नहीं है। विशेष रूप से, कृपया इससे अवगत रहें कि हमारी ऑनलाइन व्यापार सुविधा की सामग्रियाँ न तो किसी चीज का अनुरोध करती हैं, न ही वित्तीय बाजारों में प्रवेश करने की पेशकश ही करती हैं। किसी भी वित्तीय बाजार में व्यापार करने के साथ आपकी पूँजी को उल्लेखनीय जोखिम है।

हमारी ऑनलाइन व्यापार सुविधा में प्रकाशित सभी सामग्रियाँ शैक्षणिक/सूचनात्मक प्रयोजनों मात्र के लिए हैं, और इनमें वित्तीय, निवेश टैक्स या व्यापार सलाह और सुझाव नहीं हैं - न ही ऐसा समझना चाहिए कि इनमें ये सब हैं; न ही इनमें हमारी व्यापार कीमतों का अभिलेख है; न ही इनमें किसी वित्तीय उपकरण में लेन-देन करने का निमंत्रण या अनुरोध है; न ही ये आपको अवांछित वित्तयी प्रोमोशन पेश करती हैं।

इस वेबसाइट में मौजूद कोई भी तृतीय पक्षीय सामग्री, तथा XM द्वारा तैयार की गई सामग्रियाँ, जैसे: अभिप्राय, समाचार, अनुसंधान, विश्लेषण, कीमतें और अन्य सूचनाएँ या तृतीय पक्षों की साइटों के लिंक, "जैसा-है-वैसा" के आधार पर बाजार के बारे में सामान्य टिप्पणी के रूप में उपलब्ध कराई गई हैं, और वे निवेश हेतु सलाह नहीं हैं। जिस हद तक कीसी सामग्री को निवेश अनुसंधान मान लिया जाता है, उस हद तक आपको ध्यान में रखना होगा और इसे स्वीकार करना होगा कि वह सामग्री इस उद्देश्य से और निवेश अनुसंधान की स्वतंत्रता को बढ़ावा देने के लिए कानूनी आवश्यकताओं के मुताबिक, तैयार नहीं की गई है, और इसलिए उसे प्रासंगिक कानूनों और विनियमों के तहत विपणन संप्रेषण माना जाएगा। कृपया सुनिश्चित करें कि आपने गैर-आश्रित निवेश के बारे में हमारी सूचना को पढ़ और समझ लिया है। पीछे दी गई जानकारी के बारे में अनुसंधान और जोखिम चेतावनी यहाँ उपलब्ध है।

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