Equities extended their decline, with US and European futures pointed lower and Asian shares on course for a fifth week of losses while Treasury yields rose, reflecting bets for outsized Federal Reserve interest rate hikes. Stocks slumped from the open in Japan, Australia and Hong Kong following the S&P 500 Index’s lowest close in about two months. Mainland China equities also slumped, with little impact on sentiment from industrial production and retails sales data that beat expectations. The offshore yuan remained on the weaker side of 7 to the dollar, even as the People’s Bank of China set the reference rate for the currency stronger-than-forecast for a 17th straight day. The greenback fluctuated and policy-sensitive two-year Treasury yields held near the highest since 2007. The latest US economic data painted a mixed picture for the economy that backed the view for hawkish monetary policy. The market weakness follows data showing applications for US unemployment insurance fell for a fifth straight week, suggesting demand for workers remains healthy. Retail sales indicated spending on goods is moderating. Other figures showed factory production rose slightly in August while total industrial production, including mining and utilities, fell. University of Michigan data Friday will be parsed for clues on inflation expectations. Oil was poised to fall for a third week amid the deteriorating global economic backdrop, which has fueled demand concerns at a time when the buoyant dollar makes crude more expensive for most buyers. US After Hours FDX -15.1% on guidance; UPS -5.5% in sympathy with FDX; RBLX -1.8% on August metrics, BOWL +7.9% on earnings and stock offering
Nikkei -1.06% Hang Seng -0.56% CSI -1.57% Shanghai -1.44% Shenzen -1.28%
Eur$1 CNH 7.0186 CNY 7.0090 JPY 143.34 GBP 1.1466 CHF 0.9617 RUB 59.7892 TRY 18.2527 WTI$85.18 +0.09% Gold 1,,64.98 -0.1% BTC 119,793.50 -0.30% ETH 1,476.50 -1.78%
S&P -0.77% Nasdaq -0.94% EuroStoxx -0.90% FTSE -0.61% Dax -1.01% SMI -0.51%
Macro :
- SocGen Says S&P 500 to Hit New Low, Sees Zero EPS growth in 2023
- Ether Falls as Ethereum Revamp Turns Into ‘Sell-the-News’ Event
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