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Home BUSINESS NEWS FROM AROUND THE WORLD

US stock futures slip after worst day for Wall Street equities since 2020

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May 19, 2022
in BUSINESS NEWS FROM AROUND THE WORLD
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US inventory futures pointed to additional promoting after Wall Road equities posted their worst day since early within the pandemic, as a string of disappointing company earnings experiences added to fears that world progress was slowing.

S&P 500 futures fell 0.9 per cent on Thursday after the blue-chip barometer shed 4 per cent in its worst sell-off since June 2020. European and Asian shares additionally took a knock, with the Stoxx Europe 600 sliding 1.7 per cent and MSCI’s Asia-Pacific index falling 1.7 per cent.

The newest market tumult comes amid mounting concern that world progress is cooling simply as central banks, led by the US Federal Reserve, quickly unwind the stimulus measures which have helped prop up the world economic system over the previous two years.

“That is greater than only a continuation of the sell-off [from recent weeks],” mentioned Mohamed El-Erian, chief financial adviser at Allianz and likewise an FT columnist. “It’s not nearly inflation and rates of interest however we additionally had threats to earnings and progress.”

Cisco Techniques late on Wednesday reduce its full-year revenue steerage. The networking tools firm mentioned the struggle in Ukraine and lockdowns in China had hit gross sales. The group’s shares fell 12 per cent in pre-market buying and selling on Thursday, shaving $25bn off its market worth.

Poor outcomes earlier this week from US retailers Goal and Walmart have additionally added to the gloomy sentiment, El-Erian mentioned. Goal led the declines on Wednesday, plunging 25 per cent after warning that its revenue margins had been below stress from surging enter prices, a day after its bigger rival Walmart issued an analogous alert.

Column chart of FTSE All-World index (annual price returns, %) showing global shares on track for worst year since 2008 financial crisis

In one other signal of rising issues over the US outlook, JPMorgan late on Wednesday reduce its forecast for gross home product progress within the second half of this yr to an annualised price of two.4 per cent from 3 per cent beforehand, citing tightening monetary circumstances.

“Monetary circumstances have tightened as a result of, as chair [Jay] Powell mentioned just lately, the Fed has to sluggish progress,” mentioned Michael Feroli, JPMorgan’s chief US economist.

Lengthy-term US authorities bonds rose in value on Thursday, reflecting the jolt of financial nervousness. The rally pushed the yield on the benchmark 10-year Treasury notice down 0.05 proportion factors to 2.83 per cent, from a excessive final week of three.2 per cent. Germany’s carefully watched 10-year bond yield additionally fell again beneath 1 per cent in an indication of traders searching for security.

Regardless of the bearish sentiment, which has left the broad FTSE All-World share index down 18 per cent this yr, some analysts mentioned markets had been pricing in an excessive amount of recession danger.

“A recession is just not inevitable, however purchasers continually ask what to anticipate from equities within the occasion of a recession,” mentioned David Kostin, chief US fairness strategist at Goldman Sachs, including that the Wall Road financial institution forecasts a roughly one-in-three probability of a US recession within the subsequent two years.

Requested a couple of rebound for the market, as has occurred following latest sell-offs, El-Erian added: “Earlier than the previous few weeks, you may depend on dip consumers. Now they’re fewer in quantity and so they have a lot much less conviction.”

In Asia, Hong Kong-listed shares in Chinese language web group Tencent fell 6.5 per cent, serving to to tug the Hold Seng Tech index down 4 per cent and the broader Hold Seng index 2.5 per cent decrease.

Tencent’s fall got here after the Chinese language web group reported its slowest income progress on file. The corporate recorded a 51 per cent drop in earnings within the first quarter due to Beijing’s crackdown on the tech sector and the affect of harsh Covid-19 lockdowns on shopper spending.

Extra reporting by Primrose Riordan in Hong Kong and Naomi Rovnick in London



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