S&P 500 and Nasdaq fall more than 2% after ECB’s rate hike guidance and fears Fed policy actions may have to turn more hawkish for longer
A statue of a bull is displayed outside the Shenzhen Stock Exchange in the southern Chinese city of Shenzhen. File Picture: REUTERS/BOBBY YIP
Tech giants listed in Hong Kong were hit hard, with their subindex opening 2.9% lower. Hong Kong shares of Alibaba fell 3.3% after affiliate Ant Group said it had no plan to initiate an initial public offering. This was a response to media reports that Beijing had approved relaunching the IPO.Market sentiment in China has been soured by renewed restrictions in Beijing and Shanghai as new Covid-19 cases have emerged.
“Global equities came under pressure after the ECB delivered its guidance, and [ECB president Christine] Lagarde noted upside inflation risks,” said analysts at ANZ in a note on Friday. In currency markets, the US dollar retained its broad strength against a basket of major currencies, hovering around its highest level in three weeks. The euro wallowed at a two-and-a-half week low while the yen gained 0.16% against the greenback, pulling away from a 20-year low.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
JSE faces mixed Asian markets, despite gains on Wall StreetInvestors are concerned about central banks hiking interest rates, and how that could dampen global growth and increase the risk of stagflation
Read more »
Asian markets track Wall St rally, boosted by China hopesAsian markets rallied on Wednesday, building on a hearty performance on Wall Street and helped by the reopening in China.
Read more »
JSE faces struggling Asian markets on Friday ahead of US inflation dataUS inflation data for May is the week's major economic event, and any miss of expectations could prompt significant market volatility
Read more »
Asian, US stocks rise as central banks implement aggressive policiesRate hikes around the globe stoke fears of stagflation and stifled growth
Read more »
JSE faces mostly weaker Asian markets on Thursday ahead of ECB decisionSentiment remains under pressure amid a deteriorating global economic outlook, while investors speculate on interest rates
Read more »
Wall Street falls with US Treasury yields above 3% - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.US stocks fell on Wednesday as Treasury yields rose above the psychologically important 3% level and oil prices jumped, fanning worries about inflation and the outlook for interest rates.
Read more »