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Stocks mostly lower despite upbeat economic data

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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

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    Investors spooked by strong US data

    Risk demand reemerges cautiously, but caution remains in place

    Risk demand reemerges cautiously, but caution remains in place

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    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 mostly lower despite upbeat economic data

Stocks mostly lower despite upbeat economic data

by Stephen Soo
April 23, 2021 05:49
in Fundamental analysis
0
Stocks mostly lower despite upbeat economic data

The flash reading of the IHS Markit Eurozone composite PMI rose to a nine-month high

Wall Street stocks ended lower overnight following a report that President Joe Biden will propose raising taxes on wealthy investors. The tax plan would raise the capital gains tax to 39.6% for investors who make more than $1 million. On the positive side, the Labor Department reported the number of Americans applying for unemployment benefits fell again last week to its lowest level since the pandemic began. As such, the S&P 500 declined 0.92% while the Dow Jones Industrial Average and Nasdaq Composite shed 0.94% each.

In Asia, investors shrugged off of Biden’s tax plan announcement to finish broadly higher on Friday. However, Japan’s Nikkei 225 bucked the trend, losing 0.57% amid the reports that the government will declare states of emergency for Tokyo, Osaka, and two other prefectures later today. Meanwhile, the Shanghai Composite Index rose 0.26%, the Hang Seng in Hong Kong gained 1.12%. The Kospi in Seoul added 0.27% while Sydney’s S&P/ASX 200 finished just 0.08% higher.

European stocks opened lower today, mirroring yesterday’s decline on Wall Street. On the data front, the flash reading of the IHS Markit Eurozone composite PMI rose to a nine-month high of 53.7 in April from 53.2 in March. The services PMI index rose to 50.3 from 49.6, an eight-month high. Despite the upbeat figures, the pan-European STOXX 600 slipped 0.2% in early trading.

Meanwhile, the dollar is back under pressure following short-lived rally witnesses on Thursday. EURUSD briefly dipped below 1.2000 to reverse losses and climb back to the 100-DMA in recent trading. However, it looks like the common currency still lacks momentum to overcome this barrier that arrives around 1.2050 even as US 10-year Treasury yields have stabilized around 1.55%, pushing the greenback lower.

Tags: DOW JONESEURUSDJoe BidenNasdaqNikkeiS&P 500Stoxx 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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