December 5, 2022

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On the fence by Health & Fitness Journal

2 min read

©Health & Fitness Journal. FILE PHOTO: An eagle graces the facade of the Federal Reserve building in Washington, July 31, 2013. REUTERS/Jonathan Ernst

A look at the day ahead in European and global markets by Ankur Banerjee:

Investors are holding back on big bets as China’s COVID containment keeps risk appetite in check, while focus shifts firmly to Fed minutes due later Wednesday.

The market has been almost screaming for signs of a slowdown in rate hikes. The much anticipated but not yet sighted Fed pivot may be on the horizon. At least that’s what the market is hoping for.

Wednesday is also PMI day, with November preliminary readings due to be released globally, with UK and Eurozone data likely to take center stage.

And so the dollar remains on the alert, Asian stocks largely trailed Wall Street’s gains and gold was flat.

Investor reluctance is in stark contrast to the football world, which remains in shock after Saudi Arabia beat Lionel Messi’s Argentina at the World Cup.

Staying with football (er, soccer), the owners of English Premier League giants Manchester United have begun the process of potentially selling the club. The move from the Glazer family comes weeks after bitter rivals Liverpool also said they were looking at a sale.

Meanwhile, sky-high inflation remains elusive as the Reserve Bank of New Zealand delivers its biggest rate hike and outlines a more restrictive stance on monetary tightening in the coming months. The central bank warned that the economy may have to spend a full year in recession to bring inflation under control.

Elsewhere, the turmoil in the crypto world continues to rumble as The New York Times reports that Genesis Global Capital has hired investment bank Moelis (NYSE:) & Company to explore options, including possible bankruptcy, for the ailing cryptocurrency lender .

The first bankruptcy hearing for FTX revealed that the collapsed crypto exchange was the subject of cyberattacks and “significant” assets were missing.

Key developments that could impact markets on Wednesday:

Economic Events: November PMI flash data from Europe, UK

Speakers: Bank of England’s Huw Pill, UK Treasury Secretary Jeremy Hunt to answer budget questions from the House of Commons Finance Committee

Riksbank holds monetary policy meeting

Graphic: Central banks step up their fight against inflation –

Graphic: The race to raise interest rates –

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