London — Stocks recovered some lost ground on Wednesday as crude prices lifted oil companies, but rising Covid-19 cases in Europe, weaker economic sentiment in Germany and a bagful of US data ahead of the Thanksgiving holiday were a focus for investors.
“People are struggling to determine whether or not the move down this week was the beginning of a correction, a test lower, or just uncertainty driving flows,” said Mike Hewson, chief markets analyst at CMC Markets. Ifo said the fall in business morale in Europe's biggest economy is a concern, with growth expected to stagnate in the fourth quarter as companies cope with supply chain bottlenecks.
“There’s a risk that the Fed may speed up tapering and that in turn means the timetable for tightening may be brought forward, contributing to the stronger dollar,” said currency strategist Sim Moh Siong at Bank of Singapore. MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.14%, while Japan's benchmark Nikkei stock price index fell 1.6% as investors returned from a holiday and caught up with global falls the day before. Chinese blue chips were slightly firmer.
The greenback was trading at ¥115.05 after hitting a four-and-a-half-year top of ¥115.22. Noninterest bearing gold, which had reacted poorly to the rise in treasury yields, recovered a little. The spot price was last at $1,792 up 0.16% but still close to Tuesday’s two-week low.
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Market data — November 23 2021Market data including bonds and fuel prices
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