Gone, morning toss-TGIF?

Gone, morning toss-TGIF?

One underlying reason for the pain there, as well as across risk assets, comes back to worries about high inflation and rising interest rates and whether this will bring a hard landing for the world economy. U.S. Federal Reserve Chair Jerome Powell said Thursday the battle to control inflation would “include some pain,” repeating his expectation of half-percentage-point rate rises at the next two policy meetings. The day ahead is relatively quiet on the data front, perhaps giving investors time to take stock of a wild week. But there’s also the potential for more volatility. In Europe, pressure to secure alternative gas supplies is increasing after Moscow imposed sanctions on European subsidiaries of state-owned Gazprom.

Dhara Ranasinghe takes a look at the markets for the day ahead. For the time being, markets have calmed down after a furious ride. On the other hand, it’s Friday 13, and superstitious people might be forgiven for being extra careful on a day known for being unlucky. It’s easy to see why, given the instability across asset classes this week. Consider the euro, which fell nearly 1% against the dollar on Thursday, its largest one-day drop since March 2020. The S&P 500, which recovered some ground late Thursday, is on track for its sixth consecutive week of losses. According to Deutsche Bank, this would be the first time the US stock index has done so in almost a decade. And then there’s the carnage in the cryptocurrency universe, with the market nursing large losses even if bitcoin has edged back above $30,000. To be fair there’s a lot of head-scratching over why exactly some cryptocurrency tokens supposed to be pegged to the dollar faltered earlier this week.

Gas prices surged on Thursday, with the key European benchmark gaining 12% as buyers were unsettled by the mounting threats to Europe’s supply given its high dependence on Russia. That’s just one more headwind to the world economy rattled markets could do without. Key developments that should provide more direction to markets on Friday: – Kuroda rules out the near-term chance of tweaking BOJ’s dovish guidance – Bitcoin eyes record losing streak as ‘stablecoin’ collapse crushes crypto – ECB Vice President Luis de Guindos, ECB board member Isabel Schnabel speak – Minneapolis President Neel Kashkari – Central Banks meet in Mexico, Peru Serbia – University of Michigan sentiment index/ inflation expectations – European earnings: Deutsche Telekom

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