S&P 500 and Nasdaq 100 contracts both dropped by at least 0.5 per cent. Walt Disney Co. defied the gloom, rallying in New York premarket trading after the company brought back former leader Bob Iger as chief executive officer in a surprise move. European equities edged lower.The dollar climbed against its Group-of-10 counterparts and emerging-market currencies. Treasuries were steady after giving back earlier gains. Oil sank on concern of a weakening demand outlook from China.
“Financial markets have caught a cold amid worries that mounting COVID cases in China and a fresh tightening of restrictions will send a fresh shiver through manufacturing output and push down demand for raw materials,” said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown.
“The conditions that are typically consistent with an equity trough have not yet been reached,” strategists including Peter Oppenheimer and Sharon Bell wrote in a note on Monday. They said that a peak in interest rates and lower valuations reflecting recession are necessary before any sustained stock-market recovery can happen.
Atlanta Fed President Raphael Bostic said he favors slowing the pace of interest rate increases, with no more than 1 percentage point more of hikes, to try to ensure the economy has a soft landing. Boston Fed President Susan Collins reiterated her view that options are open for the size of the December interest-rate increase, including the possibility of a 75 basis-point move.
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