Asian stocks and U.S. equity futures slid Tuesday amid concerns about tightening monetary policy, geopolitical tension and breathtaking volatility on Wall Street. S&P 500 and Nasdaq 100 contracts fell about 1%, while an Asia-Pacific share gauge hit the lowest since November 2020. European futures pushed higher, providing a sliver of relief from the gloom. Asian equity gauges face grim metrics. Japan’s Topix entered a correction, down 10% from a September high. China’s CSI 300 is close to entering a bear market, while Hong Kong’s Hang Seng has been in one since August. U.S. stocks erased a 4% drop to close up Monday on high volumes. The wild swings highlighted investor nerves over the prospect of Federal Reserve interest-rate hikes and balance-sheet reduction to tackle inflation. U.S.-Russia tension over Ukraine is also buffeting sentiment. The dollar and yen ticked up. Global shares are enduring their worst month since the pandemic roiled markets, buffeted by ebbing stimulus as well as an uneven start to the company earnings season. The question now is whether the slide is a buying opportunity or portends wider stress across more asset classes. The Cboe Volatility Index, a gauge of implied equity swings for the S&P 500, at one point Monday spiked to the highest level in over a year before receding. A team of Oppenheimer strategists led by John Stoltzfus wrote Monday that the stock recovery may come sooner than expected and “it’s time to make shopping lists and look for ‘babies that got thrown out with the bath water.’” But Jeremy Siegel, a professor at the Wharton School of the University of Pennsylvania and author of “Stocks for the Long Run,” said investors should brace for challenges this quarter. “I’m still very positive on long-term equities but I think it’s in for a rocky time the next two or three months,” he said. “We have to get used to the fact that the Fed is going to be much more hawkish.”
Nikkei -1.66% Hang Seng -1.85% CSI -1.98% Shanghai -2.28% Shenzen -3.04%
Eur$ 1.1310 CNH 6.3339 CNY 6.3271 JPY 113.86 GBP 1.3482 CHF 0.9165 RUB 78.4305 TRY 13.4781 WTI$ 83.98 +0.79% Gold 1,841.55 -0.09% BTC 35,870-2.61% ETH 2,365 -3.15%
S&P -0.95% NAsdaq -1.24% EuroStoxx +1.34% FTSE +0.81% Dax +1.20% SMI +0.83%
Macro :
- Deutsche Bank Sees Deeper Selloff in U.S. Stocks, Ups China Call
- MOBIUS SEES ‘STORM CLOUDS’ FOR BRAZIL, EXPECTS LULA TO WIN VOTE
Keep an eye on :
- MOBIUS SEES ‘STORM CLOUDS’ FOR BRAZIL, EXPECTS LULA TO WIN VOTE
Keep an eye on :
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