Tepid Chinese economic data, haggling over U.S. government finances and uncertainty over interest rates left investors on edge and stocks stuck in a range on Friday.
U.S. Federal Deposit Insurance Corporation
said big lenders would bear the cost of replenishing its deposit insurance fund caused by recent bank failures. "We have had an aggressively sideways moving market and people are looking for something to give it direction," said Mark Tinker, chief investment officer at Toscafund asset management in Hong Kong.between U.S. President Joe Biden and top lawmakers that had been scheduled for Friday has been postponed to early next week, with the IMF warning that a U.S. default would have "serious repercussions" for the U.S. economy.
"We have a lot of things to trip over in the next six months and that is why people are not committing to buying," Tinker said, pointing to the U.S. debt ceiling stalemate, ending the use of Libor interest rates in June, and how the war in Ukraine unfolds.on Thursday added confidence that the Federal Reserve is almost certain to pause its rate hikes at its policy meeting in June, with futures markets continuing to price in cuts of about 78 basis points by the end of the year.
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