【今日单词】
earnest /ˈəːnɪst/
adjective
resulting from or showing sincere and intense conviction.
"an earnest student"
protracted /prəˈtraktɪd/
adjective
lasting for a long time or longer than expected or usual.
"a protracted and bitter dispute"
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原文如下：
The day in the markets
by Harriet Clarfelt
(来自：The Financial Time 金融时报)
What you need to know
• US stocks directionless as investors brace for earnings season
• Inflation data analysed for clues about direction of Fed policy
• European stocks and Hong Kong’s Hang Seng retreat
Wall Street stocks struggled for direction yesterday after five straight sessions of losses as investors assessed economic data and central bank signals about monetary policy ahead of a rush of earnings reports.
The S&P 500 edged up 0.1 per cent in choppy trading while the technology-heavy Nasdaq Composite was broadly flat by the early afternoon in New York.
Those moves came as fresh data showed that US producer prices rose 8.5 per cent in the year to September, down from 8.7 per cent in August but above the 8.4 per cent expected by economists.
Investors have scrutinised inflation data this year for clues about how vigorously the US Federal Reserve and its global peers will tighten monetary policy.
Signs of still-hot price growth have fuelled concerns that the US central bank will raise interest rates more aggressively, moving so far and fast that it compounds a protracted slowdown.
Such fears have weighed heavily on equity markets with the S&P in September concluding its longest streak of quarterly losses since the 2008 financial crisis.
Markets are pricing in expectations that the Fed will implement another three-quarter point increase at its November meeting, following three consecutive 0.75 percentage point rises.
Wednesday’s PPI report will be followed today by a widely anticipated consumer price index reading for September with economists polled by Reuters expecting a rise of 8.1 per cent.
Market participants were also waiting yesterday for the publication of the minutes of the Fed’s latest monetary policy meeting, which could offer further insights into the decision-making process of chair Jay Powell and his colleagues on the central bank’s policy-setting board.
US earnings season kicks off in earnest this week with Wall Street banks leading the charge.
Companies’ financial statements will be analysed closely for signs of strain from high prices and rising borrowing costs.
Reflecting the challenges facing companies as they navigate an increasingly gloomy economic backdrop, Netherlands-based health technology group Philips issued a profit warning yesterday, noting that supply chain challenges were “more significant than anticipated” during the third quarter.
The pan-regional Stoxx Europe 600 stock gauge closed 0.5 per cent lower and Hong Kong’s Hang Seng index lost 0.8 per cent.
