A stock bounce reversed in Asia on Wednesday and the dollar climbed amid ever-louder warnings about the risk of an economic downturn. An Asia-Pacific share index shed almost 1%, with Chinese technology equities among the worst performers. US and European futuresdeclined as brief optimism from a Tuesday jump in the S&P 500 and Nasdaq 100 petered out. Treasuries and the yen -- traditional havens along with the greenback -- edged up. The Federal Reserve’s aggressive monetary tightening to tame inflation, and the attendant risk of recession, continue to unsettle investors. Oil sank to roughly $105 a barrel and iron ore slid. Bitcoin fell toward $20,000, though conditions were calmer than recent cryptocurrency turmoil. Skepticism abounds about the outlook for risk assets in a year of steep drops across markets. Prognosticators from Morgan Stanley to Goldman Sachs Group Inc. warned stocks may face more losses amid dimming economic prospects. Fed Bank of Richmond President Thomas Barkin said the central bank should raise rates as fast as it can without causing undue harm to financial markets or the economy. Chair Jerome Powell is expected to reinforce the commitment to fighting price pressures when he speaks in front of lawmakers Wednesday. A backdrop of tightening financial conditions led delegates including Tesla Inc. Chief Executive Officer Elon Musk to warn the US is heading toward a recession. President Joe Biden plans call on Congress to enact a gasoline tax holiday to cool soaring pump prices and alleviate the pressure on consumers. Officials in China intensified calls for economic support. The nation’s finance minister said more pro-growth policies are being studied, and a newspaper affiliated with the Cabinet urged banks to step up infrastructure lending.
Nikkei -0.14% Hang Seng -1.23% CSI -0.32% Shanghai -0.24% Shenzen -0.15%
Eur$ 1.0496 CNH 6.7226 CNY 6.7205 JPY 136.25 GBP 1.2236 CHF 0.9680 RUB 55.0341 TRY 17.3463 WTI$ 105.97 -3.25% Gold 1,826.10 -0.37% BTC 20,538 -1.45% ETH 1,101 -1.95%
S&P -1.15% Nasdaq -1.24% EuroStoxx -1.52% FTSE -0.96% Dax -1.52% SMI -0.83%
Macro :
- Ray Dalio Says Reducing Inflation Will Come at Great Cost
- Italy Readies New EU3B Aid to Curb Energy Bills: Repubblica
- Bitcoin Sinks Again as Risk-Off Mood Returns on Recession Fears
Keep an eye on :
- ABBN SW : Structural Growth Shines Among Industrials When IP Growth Erodes
- AC FP : Accor in Talks to Sell 10.8% Stake of Ennismore for EU185m
- AURA NO : Aurora Eiendom Offers Up to NOK650m Shares at NOK93/Share
- BATS LN : Watch BAT, Imperial Brands on US Plans to Cut Nicotine Levels
- BCART BB : Biocartis Expands Astra Pact to Develop Tagrisso Diagnostic Test
- BNP FP : BNP, Peers' $20 Billion Cost Hike Forgotten as Revenue Surges
- BT/ LN : UK Culture Secretary Invites Telecoms Executives for Talks: Sky
- CLN SW : Clariant to Simplify Organizational, Leadership Structure
- ACA FP : Credit Agricole Targets Profit Above $6.3 Billion in 2025
- ENI IM : ENI’s Gas Supply From Russia for June 22 Partially Confirmed
- FME GY : DaVita Drops as Potential Profit Hit From Court Ruling Debated
- GLPG NA : Galapagos Acquires CellPoint for EU125m in Cash Upfront
- HUR LN : speculation that an unidentified potential buyer is preparing a bid - Daily Mail
- INRN SW : Interroll Lowering Outlook for 1H Operating Profit
- IPO LN : UK’s IP Group Sets Up New Cleantech Venture-Capital Investor
- LISN SW : Lindt & Spruengli Total Buyback Volume Aggregated to ~CHF748M
- NOVN SW : Novartis Gets European Okay for Tabrecta Use in METex14 skipping
- OCDO LN : Ocado Loads Up on Growth Capital as Impatience Builds: ECM Watch
- SU FP : Structural Growth Shines Among Industrials When IP Growth Erodes
- SPM IM : Saipem Board Exercises Authorization to Start EU2b Capital Hike
- SRG IM : Italy to Mandate Snam to Boost Gas Purchases to Fill Storages
- G5EN SS : Swedish Gaming Firm Upended by War Opens New Hubs Across Europe
- TOIVO FH : Toivo Group Offering of 1.9m Shares Prices at EU1.95/Share
- UMI BB : Umicore Sees Potential to More Than Double Revenue by 2030
- VOW GY : VW Picks Deutsche Bank, Morgan Stanley for Porsche IPO: Sky