Stocks, U.S. futures and commodities sank with Treasury yields Monday as China’s worsening Covid situation amplified concerns about a slowdown in demand in the world’s second-largest economy. MSCI Inc.’s Asia-Pacific gauge fell for the sixth session in seven with sharp declines in Hong Kong and China. S&P 500 and Nasdaq 100 futures contracts dropped in a sign of further weakness to come. European futures fell. Treasuries paused the rout of the past week that roiled markets and the dollar extended an advance as investors opted for safe havens. Crude fell below $100 a barrel and iron ore slumped in Singapore. Palm oil jumped after Indonesia, the world’s largest exporter of the commodity, halted exports of cooking oil and its raw materials amid a local shortage. China locked down some areas of Beijing and ordered mandatory Covid testing in a district as policy makers raced to prevent a repeat of the outbreak that’s hobbled Shanghai. The yuan fell to the lowest since April 2021 and led declines in emerging-market currencies.
Fears a wider lockdown in the Chinese capital amid the government’s steadfast adherence to its Covid-zero policy is spooking investors. They are worried about disruptions to the global supply chain and a deteriorating economic outlook from the Shanghai restrictions as well as disappointment at policies to shore up growth and stabilize markets. he war in Ukraine continues to provide an uncertain backdrop for the markets. U.S. Secretary of State Antony Blinken and Defense Secretary Lloyd Austin arrived in Kyiv for talks as Russia’s war on Ukraine enters its third month. The euro erased gains made after Emmanuel Macron’s win on a pro-business, pro-Europe platform in the French election removed a key risk for markets. Markets in Australia and New Zealand are closed for holidays Monday.
Nikkei -1.81% Hang Seng -3.15% CSI -2.85% Shanghai -3.20% Shenzen -4.36%
Eur$ 1.0775 CNH 6.5954 CNY 6.5530 JPY 128.59 GBP 1.2806 CHF 0.9583 RUB 77.3698 TRY 14.7428 WTI$ 99.19 -2.80% Gold 1,917.48 -0.73% BTC 39,190 -0.82% ETH 2869 -2.51%
S&P -0.75% Nasdaq -0.69% EuroStoxx -1.67% FTSE -1.34% Dax -1.58% SMI -1.31%
Macro :
- Beijing Outbreak Fear Sinks Stocks and Commodities: Macro Squawk
- German Arms Maker Seeks to Send 100 Tanks to Ukraine: Welt
- Europe Risks Rationing If Putin Cuts Off Russian Gas Supply
- Stocks Will Shake Off Gloom and Shine, Defiance’s Jablonski Says
- Cathie Wood Says Fed Won’t Hike as Much as Market Priced In
- Four SPAC Offerings Aborted as Investors Flee Blank Checks
- Ukraine Fallout ‘Manageable’ for Europe’s Banks: EBA to HB
Keep an eye on :
- AIR FP : Boeing to Push Back 777X Program by 9-12 Months: The Air Current
- AIR FP : MHI to Spend 10b Yen to Boost Airbus Parts Supply: Nikkan Kogyo
- ANTIN FP : Antin 1Q Assets Under Management EU22B
- A2A IM : Carlo Tassara Notifies Added Writ to A2A and EDF Subsidiary
- ALIV SS : Autoliv to Build Airbag Factory in Japan’s Aichi: Nikkei
- AZA SS : Avanza 1Q Operating Income Meets Estimates
- BBVA SM : BBVA Raises Offer Price for Garanti to 15 Liras Per Share
- CSGN SW : Norway Wealth Fund Votes for Special Audit of Credit Suisse
- RACE IM : Ferrari Looking for Partnerships, Not Mergers: CEO Vigna to Sole
- G1A GY : GEA Group Says Kempf Designated as Chairman of Supervisory Board
- IBE SM : Spain’s Calvino Says a Cap on Gas Prices Could Halve Energy Bill
- ICAD FP : ICADE 1Q Revenue EU413.9M Vs. EU392.5M Y/y
- TKWY NA : Cat Rock Capital Urges Just Eat Shareholders to Vote Against CFO
- KER FP : Gucci Miss Dents European Luxury Wiping Out Over $10 Billion
- NOVOB DC : Novo Nordisk Says EMA Grants Positive Opinion on Insulin Storage
- PHIA NA : Philips 1Q Adjusted Ebita Misses Estimates, Philips Earnings Miss as Dutch Firm Warns of Supply Snarls
- RECSI NO : Hanwha to Support REC Effort to Reopen Moses Lake From 2023
- RNO FP : Two Chinese Firms Eye Purchase of Renault AvtoVaz Stake: Report
- ROG SW : Roche 1Q Sales Beats Estimates, *ROCHE SEES SALES OF COVID PRODUCTS DOWN ~CHF2B TO ~CHF5B
- SCYR SM : Sacyr Enters Into Second Shares Derivatives Agreement
- SDRL NO : Seadrill Says Sonadrill JV Wins Ten-Well Contract With Options
- SHEL LN : Ukraine Criticizes Shell’s Rules on Russian Fuel Purchases
- TE FP : Technip Energies 1Q Adjusted Recurring Ebit Beats Estimates
- TED LN : Authentic Brands Group Weighs Bid for Ted Baker, Sky Reports
- TSLA US : ‘Weak Sauce’ Taunt Highlights Musk’s 2018 Spat With Saudi Fund
- THG LN : THG Rises Briefly on Betaville Mention Before Erasing Gains
- TWEKA NA : TKH 1Q Return on Sales 13.4% Vs. 9.6% Y/y
- UBI FP : Take-Two, Electronic Arts Rise on Reported Interest in Ubisoft
- VLA FP : Valneva Says CHMP Requests More Data on Covid Vaccine Candidate
- VIV FP : Vivendi 1Q Revenue Beats Estimates