Marcus Today Pre-Market Podcast – Tuesday 22nd November

Marcus Today Market Updates

US markets slipped overnight as Chinese COVID concerns, and the expectation for Fed interest rate hikes continued to dominate headlines. The Dow Jones dropped 45 points (-0.13%), closing in the middle of its trading range. At best it was up 119, at worst it was down 187 points. The NASDAQ was down 122 points (-1.09%). The S&P 500 fell 18 points (-0.45%). In Europe, Stoxx 50 -0.4%, FTSE -0.1%, CAC -0.2%, DAX -0.4%. SPI Futures are up 32 points (+0.45%), with RBA governor Philip Lowe set to speak about “price stability, the supply side and prosperity” at the Annual CEDA Dinner in Melbourne tonight.

• China COVID cases weigh on the Wall Street; Disney jumps 6%.
• Disney brings back Bob Iger as CEO in bid to boost growth
• Saudi denies oil output hike discussion, says OPEC+ may cut if needed
• Real impact of Fed hikes likely bigger than what target rate implies, Daly says
• Goldman Sachs Strategists Say Bear Market Will Last in 2023
• Activist investor asks News Corp to spin off unit instead of merger with Fox
• Chinese carmakers target more European sales with five-star EVs
• Indonesia quake kills over 160, search for survivors continues
• Global stocks, oil prices slip as rising COVID cases prompt Chinese lockdowns.
• China COVID cases rise, hard-hit Beijing’s tightens entry rules.
• Beijing’s reports 316 new local COVID cases, enforces inbound travel rules.
• Iron ore retreats on China COVID flareups, India’s export tax move.
• India scraps export taxes on low-grade iron ore.
• New China COVID curbs push copper (down 2.1%) to two-week low.
• Saudi denies oil output hike discussion, says OPEC+ may cut if needed.
• Oil rebounds from early 5% plunge after Saudis deny OPEC+ output report.
• ECB’s Lane makes a case for smaller rate hikes ahead.
• Australia considers credit card laws for BNPL lenders.
• England beats Iran 6-2 in the World Cup, "It's coming home" - Henry Jennings

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