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Stocks pressured by weak China data

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Home » Stocks pressured by weak China data

Stocks pressured by weak China data

by Stephen Soo
September 15, 2021 05:18
in Fundamental analysis
0
Stocks pressured by weak China data

Retail sales, industrial output, and fixed-asset investment all came in lower than expected

Wall Street stocks finished lower overnight despite U.S. inflation was lower than expected. Consumer prices in August rose 0.3% over the previous month versus 0.4% expected. It looks like weak figures failed to ease investor concerns about Federal Reserve policy tightening which may start before the end of the year. As such, the S&P lost 0.57%, giving up the previous day’s gain. The Dow Jones Industrial Average and the Nasdaq Composite shed 0.84% and 0.45%, respectively.

Asian stocks were mostly lower on Wednesday, with the South Korean Kospi bucking the trend to edge 0.15% higher. Investors were disappointed by weak economic data out of China. Retail sales, industrial output, and fixed-asset investment all came in lower than expected amid coronavirus outbreaks. Against this backdrop, the Hang Seng in Hong Kong slid 1.84%, the Shanghai Composite Index lost 0.17%, the Nikkei 225 in Tokyo sank 0.52% and Sydney’s S&P-ASX 200 retreated 0.27%.

In Europe, equities slipped on Wednesday amid worries about a slowing Chinese economy. On the data front, German inflation is expected to slow to 2% to 2.5% in 2022 from an estimated 3% this year, the Ifo institute said. U.K. consumer prices rose 3.2% on the year last month, the highest rate since March 2012.

In currencies, dollar demand has eased across the market today after US CPI missed expectations. As a result, EURUSD turned positive to erase previous losses and extended gains to the 1.1830 area. Still, the pair refrains from revisiting yesterday’s highs registered around 1.1845 in a knee-jerk reaction to inflation data. Now, the common currency needs to hold above the 1.1800 figure in order to stay afloat and retain a bullish bias in the short term.

Tags: DOW JONESEURUSDFederal ReserveHang SengNasdaqNikkeiS&P 500
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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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