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Stocks on the defensive to start the week

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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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    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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Home » Stocks on the defensive to start the week

Stocks on the defensive to start the week

by Stephen Soo
September 20, 2021 06:15
in Fundamental analysis
0
Stocks on the defensive to start the week

Evergrande Group stocks plummeted more than 10%, after falling as much as 17% earlier

Wall Street stocks finished lower on Friday as investors remained cautious ahead of a Federal Reserve meeting, with continued virus uncertainty adding to a more negative tone in the markets. As such, the Dow Jones Industrial Average lost 0.5%, the S&P 500 and the Nasdaq Composite lost 0.9% each.

Today in Asia, equities extended losses, with many markets in Asia being closed for holidays. The Hang Seng index in Hong Kong dropped over 3% amid the ongoing sell-off in China Evergrande Group. The company’s stocks plummeted more than 10%, after falling as much as 17% earlier. The S&P/ASX 200 in Australia fell 2.1% on the day.

European stocks opened lower as well, with the Stoxx Europe 600 falling 1.64% in early trade on Monday amid the looming U.S. Federal Reserve’s highly anticipated September meeting and persistent fears surrounding embattled developer China Evergrande Group.

In currencies, the dollar retains a bullish tone at the beginning of the week, staging a broad-based rally ahead of the Fed’s latest meeting this week. EURUSD has been losing ground for the third day in a row on Monday, barely holding above the 1.1700 figure during the European hours. A break below this level would pave the way to fresh lows around 1.1660 seen one month ago.

Meanwhile, oil prices slipped to the $74 figure on Monday, also pressured by a stronger dollar along with risk aversion across the financial markets. A rise in the US rig count and recovery in US Gulf of Mexico output adding to the selling pressure surrounding Brent crude as well.

Tags: BRENTDOW JONESEURUSDFederal ReserveHang SengOilS&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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