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Home»Business»Stocks Drop on China Covid Worries; Dollar Rises: Markets Wrap

Stocks Drop on China Covid Worries; Dollar Rises: Markets Wrap

u1news-staffBy u1news-staffNovember 21, 2022No Comments4 Mins Read
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(Bloomberg) — Stocks tumbled on fears China could step up its fight against the coronavirus after a string of death reports as investors sought refuge in the dollar.

Bloomberg’s most read articles

Both the S&P 500 and Nasdaq 100 contracts were down at least 0.5%. The Walt Disney Company has defied the gloom by rebounding in New York pre-market trading after an unexpected move to reinstate former leader Bob Iger as CEO. European stocks fell slightly.

The dollar strengthened against G10 counterparts and emerging market currencies. U.S. Treasurys have held steady after redeeming previous gains. Crude oil fell on concerns about a weakening demand outlook from China.

China reported its first Covid-related death in nearly six months on Saturday, with two more reported on Sunday. A worsening nationwide outbreak has fueled fears that authorities may again resort to tighter restrictions. A city near Beijing, rumored to be a test case for the end of virus restrictions, has suspended schools, locked down universities and asked residents to stay home for five days.

Susannah Streeter, senior investment and market analyst at Hargreaves Lansdowne, said: “China’s rise in coronavirus cases and new tightening of regulations have sent new tremors in manufacturing output. “Financial markets are catching a cold amid fears that a recession will occur, depressing demand for raw materials.” .

On the outlook for equities, strategists at Goldman Sachs Group Inc. said investors hoping for a better year in 2023 would be disappointed as the bear market is not over yet.

“We have not yet reached the conditions that typically coincide with bottoms in equities,” strategists including Peter Oppenheimer and Sharon Bell wrote in a note Monday. They said a decline in valuations reflecting peak interest rates and a recession is needed before a sustained recovery in the stock market can occur.

Traders this week will also turn to the minutes of the latest Federal Reserve policy meeting for more clues about the rate hike process.

Atlanta Fed President Bostic said he supports slowing the pace of rate hikes to no more than 1 percentage point to ensure a soft landing for the economy. Boston Fed President Susan Collins reiterated her view that there are options for the magnitude of the rate hike in December, including a possible 75 basis points.

Elsewhere, Hong Kong stocks led the decline in Asia as investors thought the recent rally over China’s economic reopening was overdone. Cryptocurrency prices have struggled in the ongoing crisis caused by the collapse of Sam Bankman-Fried’s once-powerful FTX empire. Crypto-exposed stocks fell.

This week’s main events:

  • US Chicago Fed National Activity Index, Monday

  • US Richmond Fed Manufacturing Index, Tuesday

  • OECD releases economic outlook on Tuesday

  • Fed’s Loretta Mester and James Bullard to speak on Tuesday

  • S&P Global PMI: US, Eurozone, UK, Wednesday

  • US MBA Mortgage Applications, Durable Goods, First Unemployment Claims, University of Michigan Sentiment, New Home Sales, Wednesday

  • Minutes of the November 1-2 Meeting of the Federal Reserve Board, Wednesday

  • The ECB will release a briefing for its October policy meeting on Thursday.

  • US stock and bond markets are closed Thursday for the Thanksgiving holiday.

  • US stock and bond markets close early on Friday

Some of the major movements in the market:

stock

  • Futures on the S&P 500 were down 0.5% as of 6:02 am New York time.

  • Nasdaq 100 futures fell 0.7%.

  • Dow futures down 0.2%

  • The STOXX Europa 600 fell 0.1%.

  • MSCI World Index down 0.5%

currency

  • The Bloomberg Dollar Spot Index rose 0.7%.

  • Euro fell 0.8% to $1.0239

  • British pound fell 0.6% to $1.1821

  • Japanese yen fell 0.9% to 141.70 yen to the dollar

Cryptocurrency

  • Bitcoin fell 0.9% to $16,110.71

  • Ether fell 1.1% to $1,128.49

bond

  • Yields on 10-year government bonds were little changed at 3.83%.

  • German 10-year yield barely changed at 2.02%

  • UK 10-year yields were little changed at 3.24%.

Product

  • West Texas Intermediate Crude Drops 0.5% to $79.70 a Barrel

  • Gold futures fell 0.6% to $1,757.70 an ounce

This article was produced in partnership with Bloomberg Automation.

–With help from Sagarika Jaisinghani and Tassia Sipahutar.

Bloomberg Businessweek’s Most Read Articles

©2022 Bloomberg LP

China COVID Dollar Drop markets Rises Stocks worries Wrap
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