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    Risk demand reemerges cautiously, but caution remains in place

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Home » Stock markets finish the week on a downbeat note

Stock markets finish the week on a downbeat note

by Stephen Soo
December 17, 2021 03:25
in Fundamental analysis
0
Stocks on the defensive to start the week

Risk aversion dominates markets amid the persisting concerns about a rapid spread of the omicron variant

Wall Street stocks fell on Thursday, with tech shares leading the losses. As such, the Nasdaq Composite plunged 2.47% for its worst session since September. The S&P 500 shed 0.87% and the Dow Jones Industrial lost less than 0.1%. In individual shares, Apple fell nearly 4% while Adobe lost more than 10% after the firm’s forward guidance came in lower than expected.

As investor sentiment deteriorated further, Asian equities dropped, pulling back from the recent rally. Fresh US crackdown on China with sanctions added to the negative tone in the regional markets. The United States said it was imposing trade restrictions on more than 30 Chinese research institutes and entities over human rights violations. The Nikkei 225 fell 1.79%, the Hang Seng in Hong Kong dipped 1.20% while China’s Shanghai Composite fell 1.16%.

European stock markets amid the persisting concerns about a rapid spread of the omicron Covid-19 variant in the region. The U.K. reported nearly 90,000 cases in a single day on Thursday. The pan-European Stoxx 600 fell 0.2% in early trade. On the data front, the German IFO business climate index came in at 94.7 in December versus last month’s 96.6 and the consensus estimates of 95.3.

In currencies, the dollar remains under some selling pressure on Friday despite the prevailing risk-off tone in the global financial markets. EURUSD came off December highs around 1.1360 but still retains a bullish bias while also holding above both the 1.1300 figure and the 20-DMA. However, the upside potential remains limited, with the greenback remaining within a broader bullish trend.

Tags: Covid-19EURUSDStoxx 600US
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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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