Market Bizzz

While “no one knows for sure” if there is a big problem lurking in the financial sector right now, “so far, we haven’t seen the kind of market dysfunction, even through what’s happening in the global markets right now, we haven’t seen that in the U.S. markets,” Mester said.

To minimize their own risk, they typically buy or sell stock futures, depending on the direction of the market’s move. Such trading related to dealer hedging has the potential to influence the broader market, especially if done in size, as is the case for the JPM trade.

Apple has been treated as a haven for much of this year, outperforming fellow mega-caps and the broader tech gauge amid a steep selloff driven by recession fears. The world’s most valuable company with a market value of nearly $2.3 trillion has now fallen about 20% in 2022, compared to a 32% decline for the Nasdaq 100.

​​​Meanwhile, Chicago Fed President Charles Evans said the central bank will need to raise interest rates to a range between 4.50% and 4.75%. * Though gold is seen as a hedge against inflation and economic uncertainties, rate hikes have dented the non-yielding bullion’s appeal and pushed the dollar to multi-year highs.

India’s third largest private sector lender, Axis Bank, will invest around Rs 50-70 crore to acquire a little less than a 10 per cent stake in Fairfax-backed Go Digit Life Insurance.

We should expect the pound to remain volatile in the week ahead as market participants await to see how policymakers in the UK respond to the loss of confidence in the pound and gilts,said Lee Hardman, currency analyst at MUFG Bank.