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

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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.

 

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