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Shares slide as fears of global growth grow




SOCIETY PHOTO – An investor sits in front of a board displaying stock information at a brokerage office in Beijing, China, December 7, 2018. REUTERS / Thomas Peter

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BEIJING / HONG KONG, May 19 (Reuters) – Asian stocks fell on Thursday, following a sharp drop in Wall Street sales, as investors worried about global inflation, China’s zero policy on COVID-19 and the war in Ukraine, while the safe dollar eased.

European stock markets also looked set for another tough day. Euro Stoxx 50 pan-regional futures futures fell 0.52%, German DAX futures fell 0.63% while FTSE futures were 0.51% lower.

Nasdaq futures eased 0.15%, although S & P500 futures reversed previous losses to be 0.05% higher.

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Overnight on Wall Street, retail giant Target Corp (TGT.N) warned of a bigger margin blow due to rising costs after reporting that its quarterly profit had halved. Its shares fell 24.88%. The Nasdaq fell almost 5% while the S&P 500 lost 4%.

“Tuesday’s jump proved to be ‘very optimistic’, so the self-doubt stemming from the misjudgment just makes traders click the sell button even more,” said Hebe Chen, market analyst at IG.

The broader MSCI Asia-Pacific Index of shares outside Japan (.MIAPJ0000PUS) slashed four-day gains and fell 1.8%, dragging on a 1.5% loss for Australia’s heavy resource index (.AXJO), a decline of 2.1% on Hong Kong shares (.HSI) and a 0.3% pullback on mainland China bluechips (.CSI300).

Japan’s Nikkei (.N225) fell 1.7%.

The tech giants listed in Hong Kong (.HSTECH) were hit particularly hard, with the index falling more than 3%. Tencent (0700.HK) sank by more than 6% as it did not report revenue growth in the first quarter, its worst performance since going public in 2004. read more

China’s technology sector is still recovering from a year-long government crackdown and a slowdown in economic prospects stemming from Beijing’s strict zero-COVID policy, although reassuring remarks by Vice Premier Liu He to tech executives had stirred sentiment Wednesday. . Read more

Two US central bankers say they expect the Federal Reserve to shrink to a more moderate pace of policy tightening after July, as it seeks to calm inflation without raising borrowing costs so high as to lead the economy into recession. Read more

“It must be said that the concern about inflation has never disappeared since we entered 2022. However, while things have not reached the point of no return, they are apparently going in the direction of ‘out of control’. This means. “probably the most troubling part of the market,” said Chen of IG.

The US dollar, which had risen in risk appetite, eased 0.15% against a basket of major currencies after a 0.55% overnight jump that ended a three-day losing streak.

The Aussie gained 0.8% while the New Zealand kiwi rose 0.6% after a relief in the Shanghai blockade for COVID helped the sentiment.

Wednesday data showed British inflation rose to its highest annual rate since 1982 as energy bills rose, while Canadian inflation rose to 6.8% last month, driven mainly by rising prices. of food and shelter.

Bilal Hafeez, CEO of London-based research firm MacroHive, said there was a strong bias towards safe-haven assets at the moment, especially cash.

“There may be short-term gains in stocks like in recent days, but the big picture is that the era of low yields is over and we are moving to an environment with higher rates,” Hafeez told the Global Markets Forum. Reuters.

“This will put pressure on all markets that benefited from low yields – especially stocks.”

U.S. Treasuries accumulated overnight and were mostly stable in Asia, leaving the yield on standard 10-year Treasury records at 2.9076%.

The two-year yield, which rises with traders’ expectations for higher Fed fund rates, reached 2.6800% compared to a US close of 2.667%.

Oil prices recovered from early losses as persistent fears of tight global supplies outweighed fears of slower economic growth.

Brent crude rose 1.2% to $ 110.41 a barrel, while US crude rose 0.8% to $ 110.48 a barrel.

Gold was slightly lower. The gold spot traded at $ 1814.88 an ounce.

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Additional reporting by Divya Chowdhury; Editing by Sam Holmes, Kenneth Maxwell and Kim Coghill

Our standards: Principles of Thomson Reuters Trust.




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