HCA Market Close 01.12.22 – Re-match and Audientes host events with HC Andersen Capital
Market Movements:
Denmark: OMX:C25 (+1.58%) ; Sweden: OMX:S30 (+1.08%) ; Norway: OBX:OSL (+0.06%) ; S&P 500 (-0.36%) ; Nasdaq (+0.09%); Stoxx 600 (+0.76%)
Market Drivers:
Markets gain following yesterday’s comments from Jerome Powell to suggest the Fed will hike rates by 50, rather than 75, basis points at its December meeting.
Yesterday markets soared following a speech by Fed Chair Jerome Powell. His comments were perceived as dovish, giving the markets the confidence to push higher and extend its November rally – an early Christmas present? There was some turbulence in today’s trading, particularly in the US, as the S&P 500 index hovered near its 200-day moving average, a key technical indicator.
The conditions for the move higher in stocks to continue will likely depend on what the market thinks the Fed will do to interest rates. The next key data will be the US employment report tomorrow and the CPI data on Dec 13. Market will be looking for data to confirm that inflation and labour market conditions are easing; however, it will also be important that they do not signal a deep recession.
Other news included the announcement of an EU price cap on Russian oil at USD 60 per barrel. However, many analysts suggest that this is mostly toothless, given its closeness to the current market prices for Russian oil.
Significant news also emerged from China as it suggested Covid patients would be allowed to isolate at home rather than at Covid-centres, and the announcement of a cut to mass testing. The news raises hopes of a China reopening.
You can discuss all stock market-related developments with analysts and other interested investors (in Danish or English) at the inderes.dk forum: https://forum.inderes.dk/
Snacks from the HCA Platform:
Today HC Andersen Capital hosted events with Audientes and Re-Match, which are now available to watch online. Re-Match presented its Q3 results, while Audientes gave an update on its rights issue and new business objectives.
See here:
https://www.inderes.dk/companies/Audientes
https://www.inderes.dk/companies/Re-Match
Disclaimer: HC Andersen Capital receives payment from the companies for a #DigitalIR agreement./ Philip Coombes 18:10
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