LONDON, Aug 16 — Stock markets struggled for direction today as they grappled with worries over global growth, following weak Chinese and US economic data that knocked oil prices and commodity-linked currencies.
But S&P 500 futures and Nasdaq futures dipped, indicating a likely weaker direction for US markets when they open later. Also, US single-family homebuilders’ confidence and New York state factory activity fell in August to their lowest since near the beginning of the Covid-19 pandemic, a further sign the world’s largest economy is softening as the Federal Reserve raises interest rates.
The US economy contracted in the first and second quarters, amplifying a debate over whether the country is, or will soon be, in recession.
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