The dollar rallied, bond yields climbed and Asian shares slid amid unrelenting pressure on risk-sensitive assets as fears of faster inflation and global recession continued to rise. The pound led declines among major currencies Monday, slumping as much as 4.7% to a record low as the UK Chancellor vowed to press on with tax cuts that threaten to stoke inflation. The euro fell as investors weighed the prospects of Italy under the most right-wing government since World War II. Shares dropped in Japan, Australia and South Korea while an index of global stocks traded near the lowest since 2020. US and European stock futures fell. Hong Kong equities fluctuated. “We’re in a period of global gloom, with pessimism blanketing different countries for different reasons,” said Ed Yardeni, president of his eponymous research firm, who warned of growing storm clouds for the US economy. “The latest data jibe with our growth recession scenario, but the risks of a full-blown recession are obviously increasing,” he wrote in a note Monday.
A dollar gauge rose to a record high. The yen weakened through 144 to the greenback while remaining short of the point last week that drew intervention from Japanese authorities. The yuan edged close to the weak end of its trading band even as China brought back a tool to make it more expensive to bet against the currency via onshore derivatives.
A dollar gauge rose to a record high. The yen weakened through 144 to the greenback while remaining short of the point last week that drew intervention from Japanese authorities. The yuan edged close to the weak end of its trading band even as China brought back a tool to make it more expensive to bet against the currency via onshore derivatives. Oil fell again as mounting recessionary concerns threatened global demand. West Texas Intermediate sank toward $78 a barrel, adding to a 7% slump last week. Gold fell toward the lowest since April 2020 on the surging dollar while Bitcoin stayed below $19,000.
Nikkei -2.52% Hang Seng -0.27% CSI +0.43% Shanghai -0.08% Shenzen +0.44%
Eur$ 0.9630 CNH 7.1692 CNY 7.1654 JPY 144.12 GBP 1.0549 CHF 0.9848 RUB 57.4353 TRY 18.4322 WTI$ 78.27 -0.60% Gold 1,637.40 BTC 18,802 -0.54% ETH 1,294.20 +0.14%
S&P -0.88% Nasdaq -0.94% EuroStoxx -0.69% FTSE +0.11%Dax -0.80% SMI
Macro :
- China’s GDRs in Europe Reach $2.6 Billion, Surpass US Listings
- Watch Italian Stocks as Meloni’s Right-Wing Bloc Set for Big Win
- Meloni Wins Big in Italian Election to Turn Page on Draghi Era
- Private Equity Writedowns Spur Mounting Scrutiny From SEC
- Italy to Reach 90% Gas Storage One Month Early, Snam CEO Says
Keep an eye on :
- AAL LN : Peru Authorities Ask Govt to Annul Quellaveco Mine Water Rights
- ENEL IM : ERG: Italian Antitrust Authority Blocks ERG Power Deal With Enel
- EQNR NO : Equinor Seen as Important Partner for Poland’s New Energy Group
- ERF FP : Eurofins Divests Digital Testing Ops for EU220M
- GSK LN : GSK to Name Burberry Group’s Julie Brown as CFO: Sky
- IBE SM : *IBERDROLA SEEKS TO SELL 49% OF SPAIN SOLAR PORTFOLIO: EXPANSION
- 7244 JP : Motherson to Buy Mirror Business of Japan’s Ichikoh for $36M EV
- INTRUM SS : Intrum Identifies Negative Adjustments After Third-Quarter Audit
- MC FP : London’s Luxury Boutiques Get Boost from Revived VAT Exemption
- MMT FP : *MFE IS SAID TO TEAM UP WITH XAVIER NIEL TO BID FOR STAKE IN M6
- MMT FP : Courbit-Led Group Said to Offer 20 Euros Per Share For M6 Stake
- MDLZ US : Mondelez Could Sell Halls to Ferrero or Perfetti, Corriere Says
- PDG LN : Hedin Group Offers £400 Million for Auto Retailer Pendragon: Sky
- PGE PW : Poland Proposes Windfall Tax Rate of 50%: Minister Sasin
- SEMC SS : Ratos Makes Rival Offer to Buy Semcon for SEK157 per Share
- SCATC NO : Scatec Expands Executive Management, Names CFO Torud as EVP
- STM FP : Italy, Intel Pick Preferred Region for Chip Plant, Reuters Says
- TNET BB : Telenet Increases Stake in Caviar Group to 70% From 49%
- TTE FP : TotalEnergies Invests About $1.5 Billion in Qatari Gas Project
- UN01 GY : German Finance Minister Questions Gas Levy’s Rationale: BamS
- VLA FP : Valneva in Talks for Funding of Second Generation Covid Vaccine