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A mixed start to the week in the global markets

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July 15, 2022 04:14
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    Investors cautiously digest economic data

    Investors cautiously digest economic data

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    Investors stay depressed after heavy losses

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    Equity markets mostly depressed

    Stock markets directionless as Fed meeting looms

    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

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    Risk sentiment improves somewhat after a streak of losses

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    Dollar buoyed by risk aversion

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    Stock markets directionless as Fed meeting looms

    Stock markets directionless as Fed meeting looms

    Economic data and ECB boost stock market rally

    Economic data and ECB boost stock market rally

    Stock markets struggle for direction ahead of major events

    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 » Markets mixed, risk aversion abates ahead of the weekend

Markets mixed, risk aversion abates ahead of the weekend

by Stephen Soo
July 15, 2022 04:14
in Fundamental analysis
0
A mixed start to the week in the global markets

Expectations of a 100 basis-point US interest rate hike in July receded somehow

Wall Street indices fell on Thursday as investors were disappointed by quarterly earnings from big banks which added to recession fears along with the possibility of even tighter US monetary policy from the Federal Reserve. The Dow Jones Industrial Average shed 0.46%, the S&P 500 dipped 0.3% and the Nasdaq Composite inched less than 0.1% higher to bounce from session lows eventually. In individual stocks, JPMorgan Chase shares plunged 3.5% after the bank added to reserves for bad loans and halted its share buybacks. Morgan Stanley reported a sharp decline in investment banking revenue.

In Asia, stocks were mixed as recession fears kept growing while expectations of a 100 basis-point US interest rate hike in July receded somehow, easing the pressure on markets. China’s Shanghai Composite was down 1.56% and Hong Kong’s Hang Seng gave up more than 2% as tech stocks drop while China’s GDP missed expectations. China’s GDP grew 0.4% in the second quarter, compared with 4.8% in the first quarter and 1% expected. In Japan, the Nikkei 225 gained 0.54% while MSCI’s broadest index of Asia-Pacific shares outside Japan shed 0.33%.

European equities opened slightly higher on Friday, with the pan-European Stoxx 600 index adding 0.4% after the opening bell. However, the upside potential remains limited at this stage, especially amid the resurgent political uncertainty in the region after Italy’s president rejected Prime Minister Mario Draghi’s offer to resign. The mood in US stock index futures looks subdued today, with major indices shedding 0.2$ in early pre-market deals ahead of the US retail sales data due later today.

As for currencies, the US dollar index rallied to fresh two-decade highs above the 109.00 figure on Thursday before retreating marginally amid profit-taking. The buck peaked at 109.30 to settle in the 108.60 area in early European deals on Friday. As such, EURUSD briefly dipped below parity towards the 0.9950 zone for the first time since 2002. Now, the pair is back around 1.000 but downside risks continue to persist, suggesting the shared currency is yet to find a bottom. Should the selling pressure intensify further, EURUSD may dip towards 0.9600.

Tags: DollarDOW JONESEURUSDFederal ReserveGDPJPMorganMario DraghiNasdaqNikkeiS&P 500Stoxx 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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