Global Stocks Slip as China Stimulus Rally Continues

Stocks globally slipped on Wednesday, with a continued stimulus-fueled rally in China the one bright spot, while the dollar came under pressure and crude oil retreated from a multi-week high. European stocks fell 0.1%, after gaining nearly 1% on Wednesday. Oil and gas shares led the losses, falling 0.9% on concerns China’s stimulus plans would not do enough to boost demand.

The dollar, meanwhile, dipped to its lowest in a month versus the euro and in two and a half years against the British pound. U.S. consumer confidence data that showed the largest decline in sentiment since August 2021 had overnight boosted the case for a second hefty interest rate cut at the Federal Reserve’s next meeting. The odds on another 50-basis point Fed rate cut at the November meeting jumped to more than 60% from 53% a day earlier, according to CME Group’s FedWatch Tool. “It feels like more is coming on the rate cutting side,” said Samy Chaar, chief economist at Lombard Odier in Geneva. The People’s Bank of China followed its announcement of wide-ranging policy easing on Tuesday with a cut to medium-term lending rates to banks on Wednesday. Beijing’s broad-based stimulus - the biggest since the pandemic - also includes steps to boost China’s stock market and support for the ailing property sector. Mainland Chinese blue chips gained 1.4%, adding to a 4.3% jump in the prior session. Hong Kong’s Hang Seng climbed 0.7%, adding to Tuesday’s 4.1% surge. While market players welcomed the stimulus, some analysts say the PBOC’s policy weapons don’t have the key enemy to economic growth in their line of sight: persistently weak consumer demand. “It’s still short of that necessary to really handle the broad imbalances of the dampening down of domestic demand in China,” Lombard Odier’s Chaar said of the measures. The strong start for Chinese stocks briefly invigorated other regional indexes, but those gains soon fizzled. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.3

Nederland Laatste Nieuws, Nederland Headlines

Similar News:Je kunt ook nieuwsberichten lezen die vergelijkbaar zijn met deze die we uit andere nieuwsbronnen hebben verzameld.

Chip stocks slip, keeping European shares muted ahead of data-heavy weekThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Bron: KitcoNewsNOW - 🏆 13. / 78 Lees verder »

Asian Stocks to Slip as US Holds Breath for Nvidia: Markets Wrap(Bloomberg) -- Stocks in Asia are set to edge lower after a sluggish day on Wall Street, as traders look to Nvidia Corp.’s results for clues on whether the...
Bron: YahooFinanceCA - 🏆 47. / 63 Lees verder »

Stock market today: Stocks slip as tough September start rolls onInvestors are looking to labor data to gauge the chances of a 'soft landing' for the economy.
Bron: YahooFinanceCA - 🏆 47. / 63 Lees verder »

Nikkei Hits 3-Week Low on US Downturn Worries; Chip Stocks Slip(Bloomberg) -- Japanese equities fell, with the Nikkei 225 Stock Average hitting a three-week low as soft US labor data stoked fears of a slowdown in the...
Bron: YahooFinanceCA - 🏆 47. / 63 Lees verder »

Asian stocks mixed after Wall Street extends losses as technology and energy stocks fallHONG KONG (AP) — Asian markets were mixed Thursday following a global sell-off a day earlier, as Wall Street declined in the technology, energy and other...
Bron: YahooFinanceCA - 🏆 47. / 63 Lees verder »

Premarket: World stocks mixed after Wall Street extends losses as technology and energy stocks fallSeveral other reports this week will help give a clearer picture of the economy for the Fed and Wall Street
Bron: globeandmail - 🏆 5. / 92 Lees verder »