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SINGAPORE, Nov 5 (Reuters) - (This November 5th story corrected business name to BNP Paribas Asset Management, not Wealth Management, in paragraph 9) Last time the Federal Reserve moved toward reducing bond buying, it triggered a rush of funds out of emerging markets. This time is different, investors say, as they lay bets on sparkling returns extending in some of Asia's biggest developing economies. Indonesia, in particular, has stood out with equity inflows, a steady currency and even its notoriously volatile bond market calm through months of taper talk leading up to Wednesday's announcement the Fed would begin paring purchases. read more It is a far cry from the "tantrum" that walloped bonds and emerging markets' currencies in 2013 - sending the rupiah down about 17% in five months - after then Fed Chair Ben Bernanke surprised markets by mentioning tapering to Congress. This time the move was far better telegraphed, and few were surprised on Wednesday. But …

[Read more...] about Analysis: Indonesia, India beckon as Fed tapers without tantrums

Summary Pfizer climbs after positive COVID-19 antiviral pill data October payrolls surge back as virus impact fades Travel stocks lead broader market gains Pinterest rises as holiday season looks bright Indexes up: Dow 0.63%, S&P 0.57%, Nasdaq 0.58% Nov 5 (Reuters) - Wall Street's main indexes hit record highs in a broad-based rally on Friday as data showing strong jobs growth in October, coupled with Pfizer's COVID-19 pill update, bolstered sentiment about economic growth. Ten of the 11 major S&P sectors advanced, with three of them gaining more than 1% each. The small-cap Russell 2000 index (.RUT) added 1.6%, also scaling a record peak. The Labor Department's report showed U.S. employment increased more than expected last month as COVID-19 infections over the summer subsided, although worker shortages continued to boost wage growth, with annual hourly earnings increasing to 4.9% in October. read more "Although (the data) bodes well for the …

[Read more...] about Wall St extends record rally on strong jobs report, Pfizer COVID-19 pill cheer

WASHINGTON, Nov 6 (Reuters) - With this week's election results in New Jersey and Virginia suggesting that voters are souring on Democrats, President Joe Biden badly needed a jolt of good news. And on Friday, he finally got a little. The U.S. House of Representatives, controlled by his Democrats, passed a $1 trillion infrastructure bill to repair the nation's airports, roads and bridges -- three months after the Senate -- sending the bill to Biden's desk for signature into law. On top of that, a sweeping $1.75 trillion social-spending and climate bill that is a centerpiece of Biden's presidential campaign, passed a procedural hurdle in the House, though it remains unclear when it will get a final vote. That came the same day the government reported a better-than-expected more than 500,000 jobs were added last month, suggesting the economic rebound is gathering pace. Pfizer Inc (PFE.N) also said its experimental antiviral pill for COVID-19 had shown dramatic results. The stock …

[Read more...] about Analysis: With infrastructure vote, Congress gives Biden long-needed jolt of good news

Summary Asian shares hit by China worries MSCI all-country index hits record, European close higher RBA drops yield target; focus on Fed meeting WASHINGTON/NEW YORK, Nov 2 (Reuters) - World shares reached new records on Tuesday, lifted by rising U.S. and European stocks, while the latest batch of earnings reports bolstered the dollar as investors await the Federal Reserve's plans to taper its massive stimulus. All three major U.S. stock indexes hit intraday record highs during the session. The STOXX 600 in Europe also posted a record close on strong corporate results as France's CAC 40 index (.FCHI) hit its highest level since 2000. The Australian dollar fell after the Reserve Bank of Australia (RBA) sounded a more dovish tone than expected in the first of three much-anticipated central bank meetings this week. The Fed will release a statement at the end of its two-day meeting on Wednesday, when it is expected to announce the start of tapering its …

[Read more...] about Global equities rally to reach new record, dollar rises ahead of big Fed meeting

Nov 3 (Reuters) - U.S. stock indexes opened flat on Wednesday as investors refrained from making big bets ahead of the conclusion of a Federal Reserve meeting, where policymakers are widely expected to signal the withdrawal of its pandemic-era support. The Dow Jones Industrial Average (.DJI) rose 6.46 points, or 0.02%, at the open to 36,059.09. The S&P 500 (.SPX) opened flat at 4,630.65, while the Nasdaq Composite (.IXIC) gained 8.91 points, or 0.06%, to 15,658.52 at the opening bell. Reporting by Devik Jain in Bengaluru; Editing by Maju Samuel Our Standards: The Thomson Reuters Trust Principles. …

[Read more...] about Wall St opens flat as focus shifts to Fed’s taper decision

Summary Qualcomm jumps on upbeat outlook, Nvidia soars Moderna tumbles on lower COVID-19 vaccine forecast Bank stocks slump as Treasury yields fall Indexes: Dow down 0.28%, S&P up 0.32%, Nasdaq adds 0.86% Nov 4 (Reuters) - The S&P 500 and Nasdaq rose to record intraday highs on Thursday as chipmaker stocks surged following Qualcomm's (QCOM.O) strong financial forecast and investors digested the Federal Reserve's decision to start reducing its monthly bond purchases. The Dow Jones Industrial Average slipped from an all-time closing high hit on Wednesday, dragged down by shares of banks JPMorgan Chase & Co (JPM.N) and Goldman Sachs Group (GS.N) . Financials (.SPSY) were the weakest S&P 500 sector, falling 1.8%, as U.S. Treasury yields fell, with the market unwinding expectations of quicker Fed rate hikes a day after the central bank signaled it was in no hurry to do so. read more "The growth side of the market is seeing more positive …

[Read more...] about Chip, growth stocks send S&P 500, Nasdaq to records as Dow lags

Summary Qualcomm jumps on upbeat outlook, Nvidia soars Moderna tumbles on lower COVID-19 vaccine forecast Bank stocks slump as Treasury yields fall Nov 4 (Reuters) - The S&P 500 and Nasdaq rose to record highs on Thursday as chipmaker stocks surged following Qualcomm's (QCOM.O) strong financial forecast and investors digested the Federal Reserve's decision to start reducing its monthly bond purchases. The Dow Jones Industrial Average slipped from an all-time closing high hit on Wednesday, dragged down by shares of banks JPMorgan Chase & Co (JPM.N) and Goldman Sachs Group (GS.N) . Financials (.SPSY) dropped sharply as U.S. Treasury yields fell, with the market unwinding expectations of quicker Fed rate hikes a day after the central bank signaled it was in no hurry to do so. read more "The growth side of the market is seeing more positive results today as they are benefiting from the falling yields that are developing,” said Matthew Miskin, …

[Read more...] about Chip, growth shares lift S&P 500, Nasdaq to record highs

Summary U.S. Senate rushes to advance $480 bln debt-limit increase U.S. weekly jobless claims fall sharply All 11 S&P 500 sectors advance Levi Strauss shares soar after profit beat Indexes jump: Dow 1.45%, S&P 1.38%, Nasdaq 1.66% Oct 7 (Reuters) - Wall Street's main indexes jumped on Thursday in a broad-based rally led by heavyweight technology shares, after a truce in the debt-ceiling standoff in the U.S. Congress relieved concerns of a possible government debt default this month. The U.S. Senate took a step toward passing a $480 billion increase in Treasury Department borrowing authority, which would put off another partisan showdown until December. read more Uncertainty over the debt-ceiling negotiations was one concern investors cited in September as the S&P 500 logged its biggest monthly percentage drop since the onset of the coronavirus pandemic in March 2020. "Today's (market) is driven by a slight move in Washington towards …

[Read more...] about Wall Street surges as debt-ceiling truce provides relief

Summary U.S. consumer prices post largest year on year rise since 1990 Technology biggest drag among S&P 500 sectors Indexes down: Dow 0.17%, S&P 0.26%, Nasdaq 0.61% Nov 10 (Reuters) - Wall Street's main indexes fell on Wednesday as a surge in U.S. consumer prices last month deepened fears that high inflation is here to stay amid supply chain snarls. The Labor Department's report also showed that in the 12 months through October the consumer price index increased 6.2%, the largest year-on-year advance since November 1990. read more "Even though the Federal Reserve believes that inflation is transitory, the evidence is starting to add up that that's not true," said Rick Meckler, partner at Cherry Lane Investments In New Vernon, New Jersey. "The Fed has made very few moves outside of what they've told the markets they plan to do, but I think even they've got to be a little concerned by the strength of the increase." The report comes a day after …

[Read more...] about Wall St falls as hot consumer prices data fuels inflation worries

Summary U.S. producer prices rise solidly in October GE surges on plan to split into three companies Tesla extends its losses, weighing on consumer discretionary stocks Indexes down: Dow 0.57%, S&P 0.55%, Nasdaq 0.82% NEW YORK, Nov 9 (Reuters) - Wall Street slid on Tuesday, bringing a multi-day rally of straight record closing highs to a close as profit-taking and worries over ongoing inflation fueled a broad sell-off. All three major U.S. stock indexes were down, with the S&P 500 and the Nasdaq setting a course to snap their winning streak of eight consecutive record closing highs. After such a run, and in the absence of market-moving catalysts, market participants appeared primed to take profits. "It's a risk-off day," said Jay Hatfield, CEO and portfolio manager at InfraCap Advisors in New York. "After PPI today and with CPI tomorrow, it's reasonable that we take a pause." "Earnings season is nearly over and we're at all-time highs," Hatfield …

[Read more...] about Wall Street declines, ending a run of record highs