Stocks dropped Wednesday on renewed worries about economic growth as monetary policy tightens in much of the world to fight inflation. An Asian equity index snapped a four-day climb, shedding over 1%, European futures dipped and US contracts edged up. A tech-led slide hurt the S&P 500 Tuesday. Institutional portfolio rebalancing may be impacting trading. China’s bourses were in the red too as optimism ebbed over a surprise move from a day earlier to reduced quarantine times for inbound travelers. The step hinted at an eventual shift away from a strategy of stamping out Covid that involves great economic cost via lockdowns and travel curbs. The dollar held gains after rising the most in over a week in the Wall Street session. Treasuries advanced, lowering the 10-year yield at 3.13%. Oil slipped toward $111 a barrel. In cryptocurrencies, Bitcoin continued to hover around the $20,000 level. Investors appear skeptical that the Federal Reserve can avoid a bruising economic downturn amid sharp interest-rate hikes. Evaporating consumer confidence is feeding into concerns that the US might tip into a recession. US officials sought to play down recession risk. New York Fed President John Williams and San Francisco’s Mary Daly both acknowledged they had to cool inflation, but insisted that a soft landing was still possible. US After Hours PINS +4.2% higher as Google exec will become new CEO; XAIR +20.6% jumps on FDA approval; AVAV -9.1% lower on earnings
Nikkei -1.01% Hang Seng -1.89% CSI -1.05% Shanghai -0.99% Shenzen -1.44%
Eur$ 1.0508 CNH 6.7030 CNY 6.6995 JPY 136.04 GBP 1.2197 RUB 53.6136 TRY 16.6705 WTI$ 110.92 -0.72% Gold 1,821.70 +0.09% BTC 20,085 -0.80% ETH 1,127 -2.88%
S&P +0.18% Nasdaq +0.33% EuroStoxx -0.65% FTSE -0.73% Dax -0.58% SMI -0.54%
Macro :
- Beleaguered British Bankers See $20 Billion of Deals Fall Apart
- Growth on Pace to Beat Value for Second Time This Year
- 60/40 Portfolios on Track for Worst Hit Since 1988
- EU Countries Uphold Phaseout of New Cars Emissions by 2035 (1)
Keep an eye on :
- ASA NO : Atlantic Sapphire Offering of 60m Shares Prices at NOK20.5/Share
- BME LN : B&M European Says Performance is Ahead of Expectations
- CARY SS : CVC Funds, Nordic Capital Offer to Buy Cary Group for SEK65/Shr
- COFB BB : Cofinimmo to Spend EU14m on Prelet Care Home Project in Murcia
- ROO LN : Deliveroo Rolls Out Ads on its Delivery App to Increase Revenue
- De Nora IPO : De Nora Said to See Concentrated Order Book for EU474m Milan IPO
- DBK GY : Deutsche Bank Sold About 3.48 Million Shares of Nexi
- EL FP : Billionaire Del Vecchio Leaves Top Aide to Run His ‘Factory’
- FTK GY : FlatexDegiro Fined EU2m by Dutch Regulator for Reporting Errors
- GOG LN : Go-Ahead Agrees Revised Rail Contract in Norway
- IPN FP : Ipsen Announces U.S. FDA Priority Review for Palovarotene
- Italian Design Brand IPO : Italian Design Brands Aims to Go Public in Milan by 1H 2023
- BAER SW : Julius Baer Names Vignola to Executive Board, Separates Unit
- MSEIS NO : TGS to Buy Magseis Fairfield for NOK8.6048/Share: M&A Snapshot
- NEXI IM : Deutsche Bank Sold About 3.48 Million Shares of Nexi
- SPM IM : Saipem Loses Appeal on LNG Project in Algerian Court
- SANN SW : Santhera Says Finalization of NDA Submission in US Delayed to 4Q
- TEL NO : Malaysia Regulator Doesn’t Object to Celcom-Digi Merger
- TFI FP : TF1 Agrees to Sell Unify Publishers to Reworld Media; No Terms
- TGS NO : TGS to Buy Magseis Fairfield for NOK8.6048/Share: M&A Snapshot