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Risk sentiment keeps deteriorating, dollar climbs

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    Stock markets directionless as Fed meeting looms

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    Economic data and ECB boost stock market rally

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    Stock markets struggle for direction ahead of major events

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    Risk sentiment improves somewhat after a streak of losses

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    Stock markets directionless as Fed meeting looms

    Economic data and ECB boost stock market rally

    Economic data and ECB boost stock market rally

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    Stock markets struggle for direction ahead of major events

    Risk sentiment improves somewhat after a streak of losses

    Risk sentiment improves somewhat after a streak of losses

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Home » Risk sentiment keeps deteriorating, dollar climbs

Risk sentiment keeps deteriorating, dollar climbs

by Stephen Soo
September 8, 2021 08:48
in Fundamental analysis
0
Risk sentiment keeps deteriorating, dollar climbs

Now, most attention will be on Thursday’s European Central Bank meeting

Wall Street stocks were mostly lower overnight as investors continued to digest Friday’s weak jobs report. Also, Goldman Sachs downgraded its economic outlook over the weekend and now sees 5.7% annual growth in 2021. Meanwhile, Morgan Stanley downgraded U.S. equities to underweight on Tuesday. Against this backdrop, the S&P 500 fell 0.34%, the Dow Jones Industrial Average dropped 0.76%, while the technology-heavy Nasdaq Composite rose less than 0.1%.

Asian equities finished lower on Wednesday as risk sentiment deteriorated further amid the persistent pandemic-related concerns. The Hang Seng in Hong Kong shed 0.12%, the Shanghai Composite index in China dipped 0.04%, while Australia’s S&P/ASX 200 lost 0.24%. Bucking the trend, Japan’s Nikkei 225 gained 0.89% after economic growth for the second quarter was revised up to an annual pace of 1.9% from a preliminary estimate of 1.3%.

In Europe, stocks declined as well amid nervousness over economic growth. The pan-European Stoxx 600 fell 1% in early trade, with financial services leading losses. Now, most attention will be on Thursday’s European Central Bank meeting. The central bank officials could discuss a reduction in its asset purchasing program.

In currencies, the dollar has been on the offensive since the beginning of the week. Adding to recent gains, the USD index rose to the 92.70 region on Wednesday, picking up an extra pace on the back of risk aversion. Also, yields of the key US 10-year note climbed to new multi-day highs beyond 1.38%. As such, the euro slipped to the 1.1816 area in recent trading, threatening the 1.1800 figure as the ECB meeting looms. If this support zone gives up in the short term, the 20-DMA around 1.1780 will come into market focus.

Tags: DOW JONESECBGoldman SachsHang SengNasdaqNikkeiS&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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