Traders work on the floor of the New York Stock Exchange during morning trading on December 2, 2022 in New York City.
Michael M. Santiago | Getty Images
Here are the top stories investors need to start their trading day:
Federal Reserve policymakers don’t hold their December meeting until next week, but investors are already eyeing the Fed’s long-awaited decision for months. The central bank has steadily raised its benchmark rate in three-quarter-point increments since June, but is now expected to start easing that aggressive pace. However, as recent economic data has shown – inflation is still high, albeit cooler, and the labor market is still wobbly – the Fed has not cooled the economy. as much as you wish now. “Despite some promising developments, we still have a long way to go to restore price stability,” Federal Reserve Chairman Jerome Powell said last week. Read live market updates over here.
A person walks past a poster encouraging the elderly to get vaccinated against the coronavirus disease (COVID-19), near a residential complex in Beijing, China, March 30, 2022. Picture taken March 30, 2022.
Tingshu Wang | Reuters
Chinese President Xi Jinping’s “zero Covid” policy has disrupted a key part of the global economy for a while now, often resulting in lockdowns. Crimp supply chains and keeping consumers isolated for extended periods. However, there are signs that he is starting to wane, after people across China took to the streets in recent weeks to protest the policy in a rare show of united resistance. Beijing and Shenzhen said over the weekend that they would relax the rule requiring negative Covid tests before travel. This in turn Chinese stocks boosted. Morgan Stanley analysts also raised their rating on Chinese stocks, saying that “the road toward reopening is finally set, and it is likely to be bumpy but with no turning back.”
She gave the news from China too A small boost to crude oil priceswhich was lagging in part due to fears of falling demand from the country of 1.4 billion people. West Texas Intermediate Crude Oil futures It traded above $80 early Monday morning, while Brent crude lost $86. Oil prices also received some support from OPEC+, which it said it would stick to Plan to cut productionEven when the Group of Seven imposed a cap on the Russian oil price of $60 a barrel. “It’s the right decision to stay flat, especially if you don’t know how much, if not at all, Russian production will drop after today,” Amrita Sen, head of research at energy consulting firm Energy Aspects, told CNBC.
4. Race no. 2
A worker works on the bed of Ford Motor Company’s battery-powered F-150 Lightning trucks in production at the Rouge Electric Vehicle Center in Dearborn, Michigan on Sept. 20, 2022.
Jeff Kowalski | AFP | Getty Images
Tesla’s share of the US electric vehicle market is shrinking, but it remains dominant as traditional automakers race to catch up. This makes the battle for second place the most compelling competition. last week, stronghold mentioned Electric vehicle sales figures put it in the “no” box. 2, beat Hyundai (but only if you don’t count sales of Hyundai’s Nexo hydrogen fuel cell vehicle). Hyundai is also at a disadvantage because its cars are no longer eligible for US electric vehicle tax credits under President Joe Biden’s new inflation-lowering law. Ford says it now has 7.4% of the electric vehicle market in the US, up from 5.7% in November last year. Tesla It controls about 65% of the market, however, Ford’s crosstown competitor, general motors, set the ambitious goal not to be. 1 by the middle of the decade.
Ukrainian soldiers drive an armored vehicle near the Toritsk front line in Donbass, Ukraine, on December 2, 2022.
Anadolu Agency | Anadolu Agency | Getty Images
Two Russian bombers were the obvious target of an attack on an air base near Ryazan, southeast of Moscow. Reports indicated that drone attacks were behind the explosions. The base has reportedly served as a launch site for airstrikes on Ukraine over the past few weeks. While Ukraine made progress on the battlefield, Russian missiles crippled much of the country’s infrastructure, plunging millions into darkness as bitter cold weather settled in the region. Read live war updates over here.
— CNBC’s Sarah Min, Jihee Lee, Lee Yingchan, Michael Weiland and Holly Ellytt contributed to this report.
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