Company results that surprised to the upside have helped to steady global stock markets
An employee passes share price information displayed on an electronic ticker board inside the London Stock Exchange Group’s offices in London, the UK. Picture: BLOOMBERG VIA GETTY IMAGES/LUKE MACGREGORBetter-than-expected earnings from a raft of US and European companies helped steady global stock markets on Wednesday, cutting through gloom caused by rising interest rates and the threat of an energy crunch due to Russian gas supply cuts.
Futures for the US S&P 500 and Nasdaq and rose 1% to 1.5%, while a pan-European equity index was up 0.4% . A range of sectors reported solid earnings too, from carmaker Mercedes-Benz and luxury firm LVMH to energy firm Equinor and food producer Danone. Indosuez’s Manuel noted industrials and consumer discretionary firms better reflected the pressures than tech and healthcare companies.Growth and inflation
"[Company earnings] are helping equities but bonds are pricing in more economic weakness than equity markets,” Nordea chief analyst Jan von Gerich said. The supply shortfalls and possible energy rationing were among issues highlighted by the International Monetary Fund on Tuesday, when it cut global growth forecasts.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil steady amid tight supply fears and Fed rate hike expectationsRising global recession fears suggest any gains are likely to be limited in the shorter term
Read more »
Business Maverick: US futures up on earnings, while Asia stocks dip pre-Fed: Markets wrapUS equity futures rallied on Wednesday after resilient earnings from Google parent Alphabet and an upbeat outlook from Microsoft helped alleviate some of the wider caution in markets.
Read more »
Gold steady as traders await Fed decisionInvestors steer clear of big positions ahead of the US Federal Reserve’s interest rate decision, which could influence the outlook for bullion
Read more »
JSE faces subdued Asian markets on Wednesday ahead of Fed decisionEarnings from Microsoft on Tuesday disappointed, while all eyes are on the US Federal Reserve policy announcement later in the day
Read more »
Business Maverick: China tech lifts Asian stocks from pre-Fed torpor: Markets wrapStocks in Asia received a fillip on Tuesday from China’s technology sector, helping to alleviate some of the caution in global markets ahead of a hotly anticipated Federal Reserve interest-rate hike.
Read more »
Bright idea: Cape Town to pay cash for energy fed into the gridCity hopes incentive will help to reduce exposure to load-shedding.
Read more »