Premarket: World stocks sputter as growth fears offset China COVID shift

  • 📰 globeandmail
  • ⏱ Reading Time:
  • 45 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 21%
  • Publisher: 92%

Business News News

Business Business Latest News,Business Business Headlines

Investors unnerved after Wall Street bankers warn a recession is likely coming

World stocks eased on Wednesday and bonds remained supported after a chorus of Wall Street bankers warned about a likely recession ahead, tempering optimism about China’s major shift in its tough zero-COVID policy.

“Economic growth is slowing,” said Goldman Sachs CEO David Solomon. “When I talk to our clients, they sound extremely cautious.” China’s national health authority said on Wednesday that asymptomatic COVID-19 cases and those with mild symptoms can self-treat while in quarantine at home. The Shanghai Composite Index fell 0.4%, Hong Kong’s Hang Seng slumped 3.2% and the yuan was down 0.2% at 6.9808, giving up early gains.

India on Wednesday was the latest central bank to start slowing the pace of rate increases, with a hike of its key lending rate by 35 basis points to 6.25%, smaller than the three 50 bp hikes it delivered previously. Canada is the next cab off the rank with a rates decision expected at 1500 GMT. In foreign exchange markets, the U.S. dollar was seeking to steady after excitement about a slowdown in U.S. rate hikes recently knocked it from the year’s highs.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Morgan Stanley upgrades China stocks as global investors cheer on COVID reopening hopesGlobal traders are increasingly feeling more bullish on China, as they bet the country will gradually unwind COVID restrictions following widespread protests.
Source: CTVNews - 🏆 1. / 99 Read more »