Business Maverick: Energy Stocks Weigh on S&P 500 Amid Demand Fears: Markets Wrap

📆 21/11/2022 21:22:00
📰 dailymaverick

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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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Business Maverick: Stocks drop amid China Covid worries, Fed rate: markets wrapStocks and emerging-market currencies decline in Asia amid concern that China may tighten Covid curbs after reported deaths, and as investors weigh the outlook for US rate hikes.
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