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Futures showing more pain after sold out wiped $ 1.5 trillion from the market

Worst day on Wall Street since mid-2020

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Global equities plunged on Thursday, European equities fell, and US index futures showed even more losses after yesterday’s sale lost US $ 1.5 trillion in market value from US equities.

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Futures on the S & P 500 Index have fallen 1.4% after the stock benchmark recorded the largest drop in one day since June 2020 on Wednesday amid growing concerns that high inflation is impacting corporate performance. bottom. The Nasdaq 100 Index fell by more than 1.5% as global tech stock sales gained momentum. The Stoxx 600 retreated 2%, leading the decline in all industrial sectors and personal care and financial services in the red.

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Treasury yields fell by about 5 basis points as investors turned to shelters. Most European bonds have also risen, and German 10-year bond yields have fallen by almost 7 basis points. The dollar has weakened against fellow baskets.

The bet that strong earnings can help investors survive this year’s turmoil has become questionable after U.S. consumer giants have suggested increasing the impact of high inflation on profit margins and consumer spending. .. Meanwhile, Fed officials reaffirmed that monetary tightening policies were ahead, and investors were plagued by the risk of stagflation.

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Lori Calvasina, Head of US Equity Strategy at RBC Capital Markets, told Bloomberg TV: “Currently, there is a lot of uncertainty in this market as to whether the recession will occur or whether it will be another near-death experience.”

Stocks of retailers and consumer discretionary companies recorded some of the biggest losses in Asia and Europe after US investors questioned the high valuations of companies like Target Corp. against the backdrop of rising interest rates. ..

In China, Tencent Holdings Ltd. plunged 6.6% after warning that Beijing would take time to act on its promise to support China’s technology sector. Cisco Systems Inc. has embarked on an expansion in the United States with a disappointing earnings outlook.

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In terms of commodities, Brent crude remained stable after a two-day fall, but most industrial metals fell as global growth concerns weakened demand outlook. Copper maintained lows for nearly seven months, and zinc expanded losses.

Elsewhere, the Swiss franc rose 1.5% against the common currency on Wednesday after the Swiss National Bank’s governor Thomas Jordan said policy makers were ready to counter inflation, and then the euro. Expanded progress against.

Some of the major moves in the market:

stock

  • The Stocks Europe 600 fell 2% at 10:12 am London time.
  • S & P 500 futures fell 1.5%
  • Nasdaq 100 futures fell 1.7%
  • Dow Jones Industrial Average futures fell 1.4%
  • MSCI Asia Pacific Index fell 1.8%
  • MSCI Emerging Markets Index fell 2.1%

Bonds

  • Yields on 10-year government bonds fell 5 basis points to 2.83%
  • Germany’s 10-year yield fell 7 basis points to 0.96%
  • UK 10-year yield fell 5 basis points to 1.82%

merchandise

  • Brent crude fell 0.7% to $ 108.34 a barrel
  • Spot gold rose 0.5% to 1 ounce US $ 1,825.90

Bloomberg.com

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Futures showing more pain after sold out wiped $ 1.5 trillion from the market

Source link Futures showing more pain after sold out wiped $ 1.5 trillion from the market

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