Tuesday, 18 June 2024
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ChinaEconomy

As tensions in the Middle East increase, stock selloffs spread

  • A sell-off in European markets occurred in Wall Street and Asia as a result of concerns about the US interest rate hike.
  • With a more than 1.3% decline, the Stoxx Europe 600 was headed for its largest one-day decline since October.
  • Numerous economic indices for China revealed that the country’s economic recovery is still uneven.

A sell-off in European markets occurred in Wall Street and Asia as a result of concerns about the US interest rate hike, evidence of slowing growth in China’s economy, and escalating tensions in the Middle East.

With a more than 1.3% decline, the Stoxx Europe 600 was headed for its largest one-day decline since October. US equity futures slightly declined following the S&P 500’s decline to its lowest point in over a month due to speculation that the Federal Reserve won’t quickly loosen policy based on strong retail sales data. A measure of stocks in emerging markets fell to its lowest point since January.

Today’s stock

As traders looked for safe havens following top Israeli military officials’ reassertion that their nation must respond to Iran’s weekend drone and missile attack, the dollar strengthened against all of its G-10 counterparts.

A measure of regional stocks in Asia plummeted to its lowest level since August, with widespread losses observed in all major markets. Numerous economic indices for China revealed that the country’s economic recovery is still uneven. The results on retail sales and industrial output were below expectations, but the gross domestic product and fixed asset investment were both above projections.

The headline data from China looks good, but the specifics are weak, indicating that the economy still needs assistance and that markets will continue to bet on a weaker yuan.

After plunging to a record 34-year low vs the US dollar overnight, the Japanese yen was still under pressure. Gold remained stable while Brent crude continued to trade above $90 per barrel.

Germany’s ZEW survey expectations, US housing starts, industrial production, Morgan Stanley, Bank of America earnings, the IMF’s most recent global economic outlook, the Eurozone CPI, the Fed’s Beige Book, the Cleveland Fed President Loretta Mester, the Fed Governor Michelle Bowman, the BOE Governor Andrew Bailey, the New York Fed President John Williams, the Atlanta Fed President Raphael Bostic, the BOE Deputy Governor Dave Ramsden, and the member of the ECB Governing Council Joachim Nagel are among the major events this week.

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