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Stocks on the defensive to start the week

Stocks on the defensive to start the week

January 18, 2021 04:08
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    Equities struggle amid economic and China-related concerns

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    Dollar pressured by positive risk sentiment in thin markets

    Investors spooked by strong US data

    Investors spooked by strong US data

    Risk demand reemerges cautiously, but caution remains in place

    Risk demand reemerges cautiously, but caution remains in place

    Market sentiment dented by recession fears

    Market sentiment dented by recession fears

    Investor sentiment improves, but gains limited

    Investor sentiment improves, but gains limited

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    Equities struggle amid economic and China-related concerns

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    Investors spooked by strong US data

    Investors spooked by strong US data

    Risk demand reemerges cautiously, but caution remains in place

    Risk demand reemerges cautiously, but caution remains in place

    Market sentiment dented by recession fears

    Market sentiment dented by recession fears

    Investor sentiment improves, but gains limited

    Investor sentiment improves, but gains limited

    Risk sentiment keeps deteriorating, dollar climbs

    Stocks celebrate US inflation, dollar slumps

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    Market sentiment turns cautious amid events in the US

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Home » Stocks on the defensive to start the week

Stocks on the defensive to start the week

by Stephen Soo
January 18, 2021 04:08
in Fundamental analysis
0
Stocks on the defensive to start the week


US retail sales contracted 0.7% in December, adding to the downbeat tone in the markets

Wall Street stocks dipped on Friday amid disappointing US retail sales data and weak bank earnings. Fourth-quarter earnings kicked off with Citigroup that posted solid revenue and a miss on quarterly earnings. Wells Fargo said its fourth-quarter revenue came up short of analyst estimates. On the positive side, JPMorgan beat revenue and profit expectations. On the data front, US retail sales contracted 0.7% in December while economists expected sales to stay flat from the month prior. Furthermore, November’s reading was revised lower to a 1.4% contraction. As a result, the S&P 500 fell 0.72%, the Dow Jones Industrial Average lost 0.57%, and the Nasdaq Composite dropped 0.87%.

Following a retreat on Wall Street, Asian markets were mixed-to-negative on Monday. Australia’s S&P/ASX 200 declined 0.78%, Tokyo’s Nikkei 225 dropped 0.97% and the Kospi in South Korea lost 23%. Meanwhile, the Hang Seng in Hong Kong gained 1.01% while the Shanghai Composite index climbed 0.84% after the data showed that China’s economy grew 6.5% in the three months ending in December, up from the previous quarter’s 4.9%.

In Europe, stocks opened lower amid lingering worries about a slow economic recovery, with the pan-European STOXX 600 index slipping 0.2% early in the session. In individual stocks, French retailer Carrefour tumbled nearly 7% after ending 16.2-billion-euro merger talks with Alimentation Couche-Tard.

Elsewhere, UK vaccine deployment minister, Nadhim Zahawi, said that vaccine rollout was going well, and everyone will be offered a vaccine by September.
Meanwhile, as risk keeps more cautious, the dollar holds firmer on Monday, with EURUSD extending losses to five-week lows around 1.2065. If the pressure persists, the 1.2000 handle will come into market focus. However, as President-elect Joe Biden enters the White House on Wednesday and is set to advance his $1.9 trillion stimulus plan, risk sentiment could improve in the coming days and thus curb the buying pressure surrounding the greenback.

Tags: CitigroupDOW JONESEURUSDHang SengJoe BidenJPMorganNasdaqNikkeiStoxx 600
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Stephen Soo

Stephen Soo

Stephen's specialty is fundamental analysis. He graduated from the Booth School of Business, the University of Chicago. Stephen currently cooperates with several news agencies, and on FWNews he publishes macroeconomic news and reviews on brokerage companies.

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