China Stocks Eye Gains; S&P 500 Steady On Powell: Markets Wrap

-- China-related shares were primed for gains Wednesday ahead of key economic data, while US equities touched a fresh peak as traders held to bets the Federal Reserve will cut rates this year.Microsoft Orders China Staff to Use iPhones for Work and Drop AndroidBiden’s Biggest Donors Left Powerless to Sway Him to End Bid

In Asia, traders’ focus on Wednesday will turn to the release of consumer and producer prices for China. The Reserve Bank of New Zealand is expected to hold interest rates in its latest decision today. Treasury Secretary Janet Yellen said the labor market is no longer driving inflation in the US economy to the extent it was earlier in the pandemic recovery, echoing earlier comments by Powell.Wall Street has tilted toward the tech sector to a historic degree, raising the stakes should the artificial intelligence-fueled rally falter. Valuations are stretched, while earnings growth is poised to slow from here.

Russia’s bloody invasion of Ukraine continues to claim lives, as the Kremlin’s military leadership resorts to increasingly brutal tactics against civilians—including a ghastly attack on a children's hospital in Kyiv and other sites across Ukraine. In their comments on state television, prominent propagandists often reiterate that Moscow’s campaign of senseless brutality is designed to prompt Ukrainians to overthrow their government.

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