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Market sentiment worsens across the world

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    Risk demand reemerges cautiously, but caution remains in place

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    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

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    Investor sentiment improves, but gains limited

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    Stocks celebrate US inflation, dollar slumps

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Home » Market sentiment worsens across the world

Market sentiment worsens across the world

by Stephen Soo
October 12, 2021 05:32
in Fundamental analysis
0
Market sentiment worsens across the world

Evergrande Group failed to pay some of its offshore bondholders by a Monday deadline

Wall Street stocks reversed early gains to finish lower overnight as investor sentiment turned bearish ahead of the earnings season while surging oil prices added to concerns about inflation. Furthermore, Goldman cut its 2022 U.S. economic growth forecast to 4% from 4.4% while the 2021 estimate was revised from 5.7% to 5.6%. As such, the S&P 500 was down 0.69%, the Dow Jones fell 0.72% and the Nasdaq Composite shed 0.64%. The bond market was closed Monday for Columbus Day.

Following suit, Asian equities fell on Tuesday amid rising inflation concerns as oil prices surged to fresh long-term tops. Adding to a downbeat tone in the markets, China Evergrande Group failed to pay some of its offshore bondholders by a Monday deadline. Against this backdrop, Tokyo’s Nikkei 225 index lost nearly 1%, the Hang Seng in Hong Kong fell 1.43%, the Shanghai Composite index in China shed 1.25% and the S&P/ASX 200 in Australia slipped 0.26%.

European stocks opened lower today amid widespread risk aversion, with the pan-European STOXX 600 falling nearly 1% in early trading. On the data front, the U.K. added 207,000 jobs in September, taking payrolls to a record high. Later in the day, NFIB business optimism index and JOLTS job openings data from the US will be in the market focus.

In currencies, the dollar holds steady as investor sentiment turned sour, fueling the safe-haven demand for the greenback. Earlier in the day, the index faded part of yesterday’s advance but stayed close to yearly highs and could stage a fresh rally in the coming days if the US inflation data surprises on the upside.

Tags: DOW JONESGoldman 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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