US Stocks- Futures decline on cautious Fed tone on inflation
时间:2024-06-29 02:28:48 阅读(143)
US stock index futures edged lower on Monday as hawkish comments from a US Federal Reserve official tempered hopes of a less aggressive pace of monetary policy tightening.
Federal Reserve Governor Christopher Waller said on Sunday that markets should now pay attention to the “endpoint” of rate increases, not the pace of each move, and the endpoint is likely “a ways off”.
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“The message is coming loud and clear from the Fed, investors should hold their horses when it comes to expectations of looser monetary policy,” said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown.
Traders now expect the Fed to hike interest rates in December by a half point, and expect terminal rate in the range of 4.75%-5.0% in May 2023.
At 5:30 a.m. ET, Dow e-minis were down 82 points, or 0.24%, S&P 500 e-minis were down 14 points, or 0.35%, and Nasdaq 100 e-minis were down 71.5 points, or 0.60%.
Growth stocks gave back some gains from last week, with Apple Inc, Intel Corp and Amazon.com down about 1% each in premarket trading.
Tesla Inc dropped about 2% as Chief Executive Elon Musk said “I have too much work on my plate” when asked about his recent acquisition of Twitter and his leadership of the electric-vehicle maker.
Also read: WPI inflation eases to 19-month low of 8.39 per cent in October
In the week ahead, investors will closely monitor a slew of economic data, including retail sales numbers on Wednesday.
Chinese leader Xi Jinping and US President Joe Biden met on Monday for long-awaited talks that come as relations between their countries are at their lowest in decades, marred by disagreements over a host of issues from Taiwan to trade.
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If the current trend continues for a longer period of time, not only oil mills but oilseeds growers will also not be able to get good rates of their produce, says Samir Shah, president of Gujarat State Edible Oils and Oil Seeds Association (GEOA). Shah who is also past president of SOMA says that due to various international factors rates of edible oils had gone up considerably, especially imported oils earlier this year.
“With a view to curb rising prices of edible oil, the Government of India reduced import duty on edible oils. Considering the fact that India is producing hardly 30 percent of its edible oil requirement, the decision was right at that point of time. Now when international prices of edible oils have gone down by 15 percent to 25 percent and high production period has started in edible oil exporting countries, the government should gradually increase import duty to protect local oil mills and oilseeds growers,” said Shah. GEOA has also made representation before Union Minister for Commerce & Consumer Affairs, Piyush Goyal to increase import duty.
In June import duty on edible oils was ranging from 35 to 55 percent, since then the government gradually reduced import duty and at present it is ranging from zero percent to 15 percent on different edible oils, he said.
Just a month back prices of edible oils were through the roof and the government took appropriate measures by reducing import duty in order to protect consumers, says Atul Chaturvedi, president of Solvent Extractors Association of India (SEA). “Prices of edible oils are coming down globally. Kharif sowing has already started across the country. In the interest of local farmers, it is high time to enhance import duty in a phased manner to encourage local edible oil value chain,” opined Chaturvedi.
On Thursday imported Palm oil prices were at around Rs 2100 per 15 kg as against local Rs 2700 and Rs 2550 of groundnut and cottonseed oils. Prices of other local oils including ricebran, coconut, soyabean and mustard remained as high as Rs 2350, Rs 2520, Rs 2500 and Rs 2580 respectively.
India imports around 13-13.5 million tonnes of edible oils, of which around 8-8.5 million tonnes (around 63 per cent) are palm oil. Though the price of other imported Sunflower oil remained at around Rs 2700 per 15 kg, but import quantity of the oil is much lower than that of palm oil.
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