MARKETS USA / Slight Recovery – Disney Pressured by Numbers
NEW YORK (Dow Jones) – Wall Street should start trading on Thursday with profits and thus recover somewhat from the previous day’s heavy losses. Inflation, which was above the 6 percent mark for the first time in 31 years, scared the market midweek. At first, however, the data seem to take a back seat. Even weak quarterly figures from Disney and Beyond Meat do not weigh on sentiment. However, the volumes could also be a little lower because of the veterans holiday. There is no trading in the US bond market. The future on the S&P 500 is currently gaining 0.4 percent.
“Today it’s still about inflation data and trying to interpret it,” said Esty Dwek, chief investment officer at FlowBank. “The numbers were not a surprise, even if they were higher than expected. I don’t think it will change the course of the Fed,” said the participant. “Fundamentals are still strong, earnings this quarter are much higher than expected despite the delta and supply chain challenges,” she says.
Important US economic data is not on the agenda. There are also no signs of impetus from the reporting season, which is slowly coming to an end.
Dollar continues to rise
After the surprisingly high US inflation rate the previous day, the dollar continued to climb and hit a 15-month high. The market is pricing in a higher likelihood of interest rate hikes in the coming year, they say. The dollar index rises 0.2 percent. At $ 1.1460, the euro is only just above its daily low.
Oil prices continue to decline, even if the pace has slowed significantly compared to the previous day. The firm dollar, which makes oil more expensive for buyers from the non-dollar area, continues to weigh on this.
While inflation concerns continue to drive the gold price, the persistently strong dollar limits the upside potential. After the higher than expected inflation data, the precious metal initially rose to a five-month high, but was unable to defend this level.
Disney by ID under pressure – Beyond Meat collapse
Among the individual values, the Disney share is down 5.8 percent in the pre-market period. The US entertainment group missed market expectations in terms of earnings and sales in the fourth fiscal quarter. The major streaming service Disney + gained 2.1 million new subscribers, but even after the warning from the Disney CEO in September, this was significantly fewer than analysts had forecast.
Beyond Meat buckles by 19 percent. The manufacturer of vegan meat alternatives disappointed with the results for the third quarter. The outlook for the current fourth quarter also fell short of the forecasts.
Tesla stock continues its recovery, gaining 2.5 percent. Elon Musk sold roughly $ 5 billion worth of Tesla shares this week, according to communications. Musk had his Twitter followers vote on the possible sale of 10 percent of his shares in the US electric car maker over the weekend – and a clear majority voted for this step.
The shares of Rivian Automotive rose after the brilliant stock market debut the previous day by a further 6.5 percent to 108.45 dollars. The issue price was $ 78.
Forex last +/-% Thu, 7:50 a.m. Wed, 5:16 p.m.% YTD
EUR/USD 1,1460 -0,2% 1,1482 1,1528 -6,2%
EUR/JPY 130,60 -0,1% 130,81 131,31 +3,6%
EUR/CHF 1,0561 +0,2% 1,0545 1,0558 -2,3%
EUR/GBP 0,8554 -0,1% 0,8552 0,8543 -4,2%
USD/JPY 113,96 +0,1% 113,93 113,90 +10,3%
GBP/USD 1,3397 -0,1% 1,3426 1,3490 -2,0%
USD/CNH (Offshore) 6,3921 -0,1% 6,4034 6,3932 -1,7%
BTC/USD 64,776.07 -0.6% 64,844.23 68,364.26 +123.0%
ROHÖL last VT-Settl. +/-% +/- USD% YTD
WTI/Nymex 80,57 81,34 -0,9% -0,77 +69,0%
Brent/ICE 82,13 82,64 -0,6% -0,51 +62,3%
METALS last previous day +/-% +/- USD% YTD
Gold (Spot) 1.858,62 1.849,55 +0,5% +9,07 -2,1%
Silver (spot) 24.92 24.63 + 1.2% + 0.29 -5.6%
Platinum (Spot) 1.082.20 1.071.04 +1.0% +11.16 +1.1%
Kupfer-Future 4,38 4,32 +1,4% +0,06 +24,3%
Contact the author: [email protected]
DJG / ros / flf
(END) Dow Jones Newswires
November 11, 2021 08:36 ET (13:36 GMT)