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Stock market today: US stock markets set to open sharply lower; Dow Jones Industrial futures fell 1.6%
Dow Jones Industrial futures fell 1.6% and the S&P 500 fell 2%. European stocks plunged midday and Asian benchmarks ended lower.
A turbulent week on Wall Street ended Friday with further losses and the stock market’s fifth consecutive weekly decline. The pullback came as investors balanced a strong U.S. jobs report against fears the Federal Reserve could cause a recession in its bid to halt inflation.
The Fed hopes to raise rates and slow the economy enough to stifle the highest inflation in four decades, but it risks stifling growth if it goes too far or too fast.
China said its exports rose 3.7% year on year earlier in April to $273.6 billion, down sharply from March’s 15.7% growth, as demand world was weakening. It added to pressure on the world’s second-largest economy after Shanghai and other industrial cities were shut down to fight virus outbreaks.
Imports rose 0.7% in April to $222.5 billion, matching growth of less than 1% the previous month.
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Companies and investors fear that the ruling Communist Party’s “zero-COVID” strategy, which has temporarily closed most businesses in Shanghai and other industrial hubs, could disrupt global trade and activity in the automotive, electronics and other industries.
But the slowing global economy is also taking its toll.
“Part of the blame lies with the COVID-19 outbreak in China, which has led to labor shortages and bottlenecks in the logistics sector. But the scale of these disruptions does not should not be overstated,” Julian Evans-Pritchard said in a commentary. “Instead, the decline in exports appears to primarily reflect weaker demand.”
The Shanghai Composite was little changed, adding nearly 0.1% to 3,004.14. Markets were closed in Hong Kong for a national holiday.
Japan’s benchmark Nikkei 225 lost 2.5% to end at 26,319.34. The South Korean Kospi fell 1.3% to 2,610.81. Australia’s S&P/ASX 200 fell 1.2% to 7,120.70. The benchmark in Jakarta, Indonesia, fell 4.4% as markets reopened after the Eid al-Fitr holiday last week.
In Europe, France’s CAC 40 fell 2.1% at midday, Germany’s DAX fell 1.8% and Britain’s FTSE 100 fell 1.9%.
In addition to concerns about inflation and coronavirus restrictions, the war in Ukraine remains a major cause of uncertainty. More than 60 people are believed to have been killed after a Russian bomb razed a school used as a shelter, Ukrainian officials said. Moscow forces pushed their attack on the defenders inside the Mariupol steelworks in an apparent race to capture the city ahead of Russia’s Victory Day holiday on Monday.
“Russia’s VE Day today will also bring geopolitical risks back into the spotlight. President Putin is likely to reiterate his justification for war in Ukraine, but markets could watch any further efforts to step up military operations to secure the war,” he added. said Yeap Jun Rong, market strategist at IG in Singapore.
Even the energy sector, the star of recent weeks, is under pressure on Monday. Benchmark U.S. crude fell $2.88 to $106.89 a barrel in electronic trading on the New York Mercantile Exchange, but is still up more than 40% this year. Brent crude, the oil pricing basis for international trade, edged down $2.74 to $109.65 a barrel.
In currency trading, the US dollar fell from 130.55 yen to 131.06 Japanese yen. The Euro traded at $1.0540, down from $1.0545 previously.
Copyright 2022 by The Associated Press. All rights reserved.
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