Bear market kept at bay as S&P futures lift

📆 13-05-22 19:05:00
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‘A lot of fund managers have cut their equity allocations and raised cash, though we think this is a correction rather than a bear market’

The bear and bull statues outside the Frankfurt Stock Exchange. Picture: BLOOMBERG/ALEX KRAUS

Powell repeated his expectation of half-percentage-point interest rate rises at each of the Fed's next two policy meetings, while pledging that “we're prepared to do more”. S&P futures jumped 1.09% after the S&P index dropped 0.13% overnight, though the index is still eyeing a sixth straight week of declines.

Investors liquidated global equity funds worth $10.53bn in the week ended May 11, compared with $1.65bn of net selling in the previous week, according to Refinitiv Lipper. The dollar rose 0.47% to ¥128.83, while the euro was steady at $1.038, above Thursday’s five-year lows.

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This idea that 20.1% down is a bear market and 19.9% is not a bear market is probably one of the dumbest ideas that somehow persists.

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Dollar hovers near 2-decade high as CPI keeps aggressive US rate hikes likely - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.The US dollar held near a two-decade high on Wednesday after US inflation moderated less than markets had expected, keeping the Federal Reserve on course to tighten policy aggressively.
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