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Delayed Swiss Exchange  -  05/27 11:31:39 am EDT
6.966 CHF   +3.20%
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Marketmind: Buy the dip? Or pray for Fed put?

01/25/2022 | 03:15am EDT
FILE PHOTO: Last day of trading before Christmas at the New York Stock Exchange (NYSE) in Manhattan, New York City

A look at the day ahead from Sujata Rao.

Bears are on the prowl in markets while a different sort menaces Europe's eastern flank.

It's probably futile to expect the Russian bear to retreat the way Wall Street bears did late on Monday, when sentiment turned on a dime, allowing the S&P 500 which was 4% in the red at one point, to close higher.

Clearly dip-buyers haven't entirely fled equity markets. Or was it a function of all those short Nasdaq positions, which suddenly found themselves in the money?

The impulse hasn't carried through, with Asia deep in the red and Wall Street futures down almost 2%. Option market readings are not reassuring either; trading in put options, used to place bearish bets, outnumbered bullish call options by 1.1-to-1 on Monday, apparently the most bearish that ratio has been since March 2020.

Away from markets though, the global economic picture isn't looking too bad. PMIs advance readings on Monday did show an Omicron-driven slowdown in December business activity but signalled a peaking in supply chain delays. South Korean GDP expanded at the fastest pace in 11 years and of the U.S. companies that have reported Q4 earnings, 77% beat forecasts.

In the middle of this market churn, the Fed starts a two-day meeting which may well be the last before a March interest rate liftoff. Many hope it will pay attention to the tightening in financial conditions such large equity selloffs inevitably cause. JPMorgan cite the robust earnings season to argue the bearishness is overdone. And after all, they add "the worst-case scenario could see the return of the Fed put".

Graphic: Nasdaq mktcap, https://fingfx.thomsonreuters.com/gfx/mkt/xmvjobazqpr/nasdaq%20mktcap.JPG Key developments that should provide more direction to markets on Tuesday:

-Singapore tightened monetary policy settings in its first out-of-cycle move in seven years

-South Korea's economy expanded at the fastest pace in 11 years in 2021

-Australia's core inflation flew to its fastest annual pace since 2014 in the December quarter

-Credit Suisse warns of Q4 net loss

-Germany IFO survey

-Emerging markets: Hungary central bank

-U.S. consumer confidence January/

-U.S. 5 year Note auction ($55 bln)

-U.S. earnings: General Electric, Johnson & Johnson, 3M, Xerox, Invesco, American Express, Verizon, Microsoft, Capital One

European earnings: SEB, Remy Cointreau, Logitech, Ericsson

(Reporting by Sujata Rao; editing by Karin Strohecker)

© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
CREDIT SUISSE GROUP AG 3.20% 6.966 Delayed Quote.-21.48%
ERICSSON 4.75% 81.4 Delayed Quote.-18.43%
LOGITECH INTERNATIONAL S.A. 3.48% 57.06 Delayed Quote.-25.78%
MICROSOFT CORPORATION 2.76% 273.24 Delayed Quote.-18.76%
RÉMY COINTREAU 3.03% 170.1 Real-time Quote.-20.51%
05/27Fitch Downgrades Ascent Finance Limited's EUR15m CLNs to 'BBB+sf'; Outlook Stable
05/25ASGN Shares Decline After Credit Suisse Downgrade
05/25CREDIT SUISSE : Current Report by Foreign Issuer (Form 6-K)
05/25Credit Suisse Shareholder Harris Associates Backs CEO
05/25Swiss Economic Sentiment Falls to Lowest Level Since February 2015
05/25Fitch Affirms Credit Suisse and Credit Suisse (Schweiz)'s Covered Bonds on IDR Downgrad..
05/25Global banks pay price of Russia retreat
05/24EUROPE : European shares seen holding near current levels through 2022 - Reuters poll
05/24WALL STREET STOCK EXCHANGE : After rocky period, U.S. stocks will end year up from current..
05/24Factbox-Global banks pay price of Russia retreat
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Sales 2022 19 266 M 20 146 M 20 146 M
Net income 2022 311 M 325 M 325 M
Net Debt 2022 - - -
P/E ratio 2022 30,6x
Yield 2022 2,17%
Capitalization 17 806 M 18 619 M 18 619 M
Capi. / Sales 2022 0,92x
Capi. / Sales 2023 0,86x
Nbr of Employees 51 030
Free-Float 90,1%
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