NEW YORK (Dow Jones) — Wall Street is again trying to recover from recent sharp falls in midweek. The day before, Dow & Co could not maintain interim profits. Because the increasing concerns about a recession as a result of the sharp rise in interest rates remain dominant and are causing uncertainty and risk aversion. The Dow Jones index improved at noon (local time) by 1.2 percent to 29,492 points. The S&P 500 is up 1.4 percent and the Nasdaq Composite is up 1.3 percent.

    The sentiment is also supported by the significant decline in yields on the bond market. The trigger is the news that the Bank of England has intervened in the bond market, i.e. is buying British government bonds. There has been a massive drop in prices there since last Friday, which also affected the other bond markets in Europe. The question now is whether the step will have a stabilizing effect in the long term or whether the market will test the bank’s resolve again, they say. The 10-year US bond yield fell 17.3 basis points to 3.77 percent. Over the course of the year it climbed above the 4.00 percent mark for the first time since 2008.

    “There is a fear that the whole system is collapsing and that demand will not be able to absorb so many rate hikes,” said Agnes Belaisch, chief strategist at Barings Investment Institute. “There are signs that could point to a recession”. The US Federal Reserve recently signaled that further rate hikes are likely, even if they increase the risk of a recession.

    Dollar falls – oil prices rise sharply

    In the FX market, the dollar has fallen sharply after the recent rally. The dollar index falls 0.7 percent. MUFG analyst Derek Halpenny sees the risk that the dollar could reach extreme levels, further destabilizing markets. “If the current pace of dollar strength continues, the contagion effect that is destabilizing markets worldwide will only intensify, increasing the risks of a deeper global recession,” the analyst said.

    Oil prices are rising sharply, with WTI and Brent up as much as 3.4 percent after gaining significantly the day before. The trigger is the weekly US oil inventory data. The report from the state’s Energy Information Administration (EIA) showed an overall decline in the three main categories – crude oil, gasoline and distillates, it said. US crude oil production has also decreased. However, the most positive thing was the renewed increase in demand for petrol.

    With the sharply falling yields on the bond market and the weaker dollar, the price of gold is recovering. The price of a troy ounce increased by 1.8 percent.

    Bulling Biogenic – Apple at discounts

    Among the individual values, Biogen increase by 37.8 percent. Biogen and its partner Eisai (+17% in Tokyo) have reported a positive phase III trial of the investigational drug lecanemab for the treatment of Alzheimer’s, which should significantly increase the prospect of approval.

    Apple lost 2.7 percent. The tech giant has scrapped plans to ramp up production of its latest iPhone model this year, according to an agency report. The expected increase in demand did not materialize, according to Bloomberg, citing informed people.

    The technology exchange Nasdaq (+1.9%) wants to give itself a new structure by the end of the fourth quarter and thus accelerate the implementation of the strategy. In the future, the new structure will comprise three divisions: Market Platforms, Capital Access Platforms and Anti-Financial Crime. Accordingly, the company named three people responsible for managing the divisions from January.

    Walt Disney (+2.4%) has to temporarily close four of its theme parks in Florida due to the approaching hurricane “Ian”. A spokesman for the entertainment company confirmed that the parks Magic Kingdom, Disney’s Animal Kingdom, Disney’s Hollywood Studios and Epcot are closing their doors in anticipation of the storm expected to hit Florida’s Gulf Coast on Wednesday.

    ===

    INDEX last +/-% absolute +/-% YTD

    DJIA 29,491.88 +1.2% 356.89 -18.8%

    S&P 500 3,697.17 +1.4% 49.88 -22.4%

    Nasdaq Comp. 10,973.26 +1.3% 143.75 -29.9%

    Nasdaq-100 11,416.33 +1.3% 144.58 -30.1%

    US Bonds

    Term Yield Bp to VT Yield VT +/-Bp YTD

    2 years 4.14 -14.4 4.28 340.9

    5 years 4.00 -18.3 4.18 274.2

    7 years 3.94 -18.7 4.12 249.5

    10 years 3.77 -17.3 3.95 226.3

    30 years 3.70 -12.6 3.83 180.0

    FOREX last +/- % Wed, 8:34 Tue, 17:12 % YTD

    EUR/USD 0.9677 +0.8% 0.9566 0.9618 -14.9%

    EUR/JPY 139.59 +0.5% 138.40 139.27 +6.7%

    EUR/CHF 0.9449 -0.7% 0.9521 1.0104 -8.9%

    EUR/GBP 0.8944 +0.0% 0.8958 0.8922 +6.4%

    USD/JPY 144.21 -0.4% 144.69 144.72 +25.3%

    GBP/USD 1.0821 +0.8% 1.0679 1.0786 -20.0%

    USD/CNH (Offshore) 7.1975 +0.2% 7.2362 7.1820 +13.3%

    Bitcoin

    BTC/USD 19,476.82 +2.6% 18,790.73 20,208.82 -57.9%

    CRUDE OIL last VT settlem. +/- % +/- USD % YTD

    WTI/Nymex 81.18 78.5 +3.4% +2.68 +15.4%

    Brent/ICE 88.51 86.27 +2.6% +2.24 +19.7%

    GAS VT Settlem. +/- EUR

    Dutch TTF 203.30 186.10 +9.2% +17.20 +240.3%

    METALS last day before +/- % +/- USD % YTD

    Gold (Spot) 1,658.36 1,629.08 +1.8% +29.29 -9.4%

    Silver (Spot) 18.77 18.48 +1.6% +0.30 -19.5%

    Platinum (Spot) 860.65 852.45 +1.0% +8.20 -11.3%

    Copper Future 3.36 3.31 +1.6% +0.05 -24.2%

    YTD relative to previous day’s close

    ===

    Contact the author: [email protected]

    DJG/DJN/ros/err

    (END) Dow Jones Newswires

    September 28, 2022 12:13 PM ET (16:13 GMT)

    Selected leveraged products on Apple Inc.With knock-outs, speculative investors can participate disproportionately in price movements. Simply select the desired lever and we will show you suitable open-end products on Apple Inc.

    Leverage must be between 2 and 20

    No data

    ttn-28