FedEx surprises 💻 Stocks decline ☔ Watch: FOMC & SNB🚦 EU& US PMIs 🔮 S&P500 3'900 🎢

FlowBank's hand-curated fresh financial news [header_noDither] 19.09.2022 Good morning FlowBankers! Here's the latest market news, hand-curated by our research team. The Big Story [shutterstock_1560075149] The shipping giant, FedEx tumbled 21% for its worst day ever after withdrawing its outlook for the full year. First-quarter results were "adversely impacted by global volume softness that accelerated in the final weeks of the quarter." said management. The news exacerbated fears of a slowing global economy. Rivals such as United Parcel Service (UPS, -6.8%), and XPO Logistics (XPO, -4.2%) fell in sympathy. [Start Trading](113/cXx8Z04/VWG7KZ2BdvthW8Wv7hz1tqqxpW6P_DFt4Q6FN8N3Lg87Z2-MK5V1-WJV7CgGpJVhDRq11PPlKnV_Kq6H4G_1FgW1d4Zm42PfDkFW13v_QQ4V5tYhW5cDLl26Yh_vZW1WB4cN34Jr2cW1rlHMB5vMzjBW3zdj3X77LvhHW7tzJcT9jMjlgV86gwZ89dLy5W7_lXQX2ThtNNN1V79ptYWJ2nW2jH1Br5hjQlSW8cqs962j9wvVW4MF4By3TvwCfW22nfST46DQvxW2jlQ4m59CZvSW1NDG2z1flT70W89gy9z7T6XxgW7Tp1C952RpQx35b31) Trader's Corner In focus • All eyes will be on central bankers this week, as officials meet to consider further interest-rate increases. The Federal Reserve will meet on Wednesday, followed by the Bank of Japan, Swiss National Bank and Bank of England on Thursday. • US and EU Flash PMIs for September, plus several US housing market indicators will be another area of focus. US services are expected to rebound modestly and manufacturing to hold steady. • Lastly, traders will be watching S&P500's price action post option expiration day and ahead of the FOMC. The US benchmark ended Friday just above 3'900 in after-hours trading. Economic data • FOMC, SNB, BoE, BoJ interest rate decisions • US PMIs, housing starts, existing home sales, MBA 30-year mortgage rate, crude oil inventories • EU PMIs, consumer confidence, current account • German PPI • UK inflation expectations, CBI industrial trends orders Earnings • Costco, Accenture • AutoZone, Haleon, PGE, Kingfisher, General Mills, Lennar, Polyus, FactSet, Darden Restaurants, Alten • Manchester United, Juventus Crypto • Ethereum's upgrade failed to boost sentiment in the crypto market. Bitcoin and Ether ended the week by -10% and -16%, respectively. • Now redundant, Ethereum miners are flocking to other proof-of-work tokens after the network switched to a proof-of-stake consensus mechanism. This has led to a significant drop in mining profitability. [Screenshot 2022-09-17 at 04.39.34] [Start Trading](113/cXx8Z04/VWG7KZ2BdvthW8Wv7hz1tqqxpW6P_DFt4Q6FN8N3Lg87Z2-MK5V1-WJV7CgSxrW7Vc3m03KxMQtW67dXz61nCyx_W47QRf_36JQKGW6ZrbCd3-N6rlW3WJrRV9k54LWW1vH-TL8SM-x9W8bBjYr7w_hjYW3j_8HH4CZ7X0W88dZGK703Sc0W71--Z43VMFXBW8yB0Xh18zcJhW4xZN4f5V00fcW4xp73T6jPxlWW2r8rr01Llj5KMt-BPCt6n1xW31M7MY70pB_fW4dsNtw8f1K38W6c_6861_YGVWW2W11ks1941KtW4wD0tl6MKz1r33rX1) Market Recap Stocks ended the week in red, falling to two-month lows as FedEx warnings spooked markets and left strategists confused about whether FedEx's issues were a company-specific problem or a red flag for the economy. Treasury yields slightly retreated on slower growth assumptions. Oil prices edged up on Friday but remained down for the week. Gold prices bounced on Friday as the dollar stalled, but was well below the key USD1'700 mark. And while the yen's fall came to halt following officials' comments, the sterling continued to weaken. This morning, Stoxx50 futures contracts are up by 0.2% while S&P500 futures are slightly in the red. The dollar gauge remains near this month's highs. Meanwhile, Bitcoin is trading below USD19'000. Chart Of The Day Sterling came under heavy selling pressure following disappointing economic results. Retail sales declined by -1.6% MoM (vs -0.5% forecasted) and car registration fell by 38% MoM, showing a slowdown in overall demand. GBPCHF broke below 2020 lows. [hbp](113/cXx8Z04/VWG7KZ2BdvthW8Wv7hz1tqqxpW6P_DFt4Q6FN8N3Lg87G2-MJQV1-WJV7CgCtCW4mVpxk99pJRzN2ftc99SRp0jN8Gjm6sv1HRyW8Lhl0x93FLBmW7Hf-2g8Vvk96W2Ms2n56cjJ0lW8lrtdb39cfLkTf7Wf9fXdvDW5WfmWm3-4cbvW5wZm1d23pv89W7lpnXG2Nfs0HN4-Dt6P5cSXZN8gc8xXHYvr0W4G0xh_89Q1fDVt-gp64SQVN-W1K9_wR5CXRyHW25jKZZ92rMT7Vntx2G3kC63t3lhd1) FlowBank Blog Falling European Energy Prices & Market Sentiment [wepik-photo-mode-2022816-115918 (1)](113/cXx8Z04/VWG7KZ2BdvthW8Wv7hz1tqqxpW6P_DFt4Q6FN8N3Lg88f2-MKpV1-WJV7CgRfgW6WwL3N4wj8B3MbYtZfbjFq8W57mQ1c3-3SXzW78sc552sx43-W3rbxHx76jr9CW5znD791yNz6YW2jJXVx7SpqXBW1HW-Tv2N5C_3W2gR2Rj57q7kkW5_Q80f4_M51ZW5JJmN47Gt4Z4W4dLLvs5jcY9MW8Xwb142swmKSVf7Lw38bKvSLV53CjL4brFV5W1gNnTk2Kc7L6N7ScQ-gs802rN47vSyBnWBK2W539bhR25phP1N4BQd9Y5YD-jW6RY_gf8mG3l7W3LplBz4jlp1H36ky1) The energy crisis has ballooned into one of the key economic factors of 2022. With rising global inflation and the so-called cost-of-living crisis dominating headlines, rising gas prices are front and centre for markets. To gain a view on European energy prices over the remainder of the year, we take a look at what’s been driving prices recently and how these factors look set to develop going forward. 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