Stocks fall amid recession worries; Euro tumbles - BNN Bloomberg

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US index futures and European equities fell as concern over the possibility of a recession outweighed optimism over US-China talks aimed at tariff reductions.

Contracts on the S&P 500 and Nasdaq 100 indexes dropped at least 0.6 per cent each as US markets were set to return after Independence Day holiday. European stocks tied to economic activity, such as carmakers and commodity companies, posted the biggest losses among peers. Investors rushed to the safety of the greenback, while a selloff in Treasuries eased.

“The Fed will likely remain aggressive in its fight against inflation for now,” said Joachim Klement, head of strategy, accounting and sustainability at Liberum Capital. “At the same time, European growth is slowing down fast. This just puts additional fire on the growth concerns about the US.” Treasuries pared a slump as a risk-off sentiment took hold. The two-year yield was 2 basis points higher, after rising as many as 13 basis points. In Europe, bonds rallied after Monday’s selloff.

 

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