US equity futures fell and stocks wavered Monday as poor Chinese economic data fueled concerns about the global outlook. An Asia-Pacific share index came off sessions highs, the dollar firmed, Treasuries rose and oil slid, pointing to a fresh bout of investor caution. The Chinese figures showed that industrial output and consumer spending hit the worst levels since the pandemic began, hurt by Covid lockdowns. Officials are taking measured steps to help the economy: China effectively cut the interest rate for new mortgages over the weekend to bolster an ailing housing market, but the one-year policy loan rate was left unchanged Monday.
Cryptocurrencies dipped as the mood in stocks weakened. That took Bitcoin back toward the $30,000 level. The risk of an economic downturn amid price pressures and rising borrowing costs remains the major worry for markets. Many traders remain wary of calling a bottom for equities despite a 17% drop in global shares this year. Goldman Sachs Group Inc. Senior Chairman Lloyd Blankfein urgedcompanies and consumers to gird for a US recession, saying it’s a “very, very high risk.” The firm’s economists cut their forecasts for US growth this year and next -- they now expect the economy to expand 2.4% this year and 1.6% in 2023, down from 2.6% and 2.2% previously. Food and fuel prices are feeding into rising costs. Wheat jumped by the exchange limit on India’s move to curb exports. Oil was dented by the Chinese figures but remains in sight of $110 a barrel. Shanghai is close to the necessary threshold for loosening its six-week lockdown, a development that could spur bets on rising energy demand. Traders are also waiting to see how European markets react to efforts by Finland and Sweden to join the North Atlantic Treaty Organization in the wake of Russia’s invasion of Ukraine.
The shift in Europe’s security alliance could exacerbate tensions with Russia. European equity futures edged lower.
Nikkei +0,67% Hang Seng +0,01% CSI -0,69% Shanghai -0,31% Shenzen -0,12%
Eur$ 1.0405 CNH 6,8100 CNY 6,7925 JPY 128,93 GBP 1,2247 CHF 1,0026 RUB 64,7063 TRY 15,4982 WTI$ 108,34 Gold 1,808,8 BTC 30,400 - 1,8% ETH 2,075 -2%
S&P -0,44% Nasdaq -0,45% EuroStoxx -0,24% FTSE -0,35% Dax -0,17% SMI +0,09%
Macro :
- $11 Trillion and Counting: Global Stock Slump May Not Be Over
- NATO Lauds Historic Moment as Finland Applies to Join Alliance
- EU Drafts Plan for Buying Russian Gas Without Breaking Sanctions
- Missing Billions Threaten to Break Britain’s Energy Market
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