US stocks dropped amid concerns about the growth outlook in the US as the Federal Reserve vows to be persistent to fight inflation. Investors are also seeking shelter in the dollar as worries mount that China may tighten Covid curbs after a string of ...
on concern of a weakening demand outlook from China and on news that Saudi Arabia is considering an Opec+ increase of up to 500,000 barrels a day.
The offshore yuan weakening against the dollar on Monday is the “largest negative macro factor price driver for the S&P 500,” said Charlie McElligott, managing director for cross-asset strategy at Nomura Securities International.
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