Energy News  
TRADE WARS
Asian stocks tumble on global anxieties over inflation
by AFP Staff Writers
Hong Kong (AFP) May 9, 2022

Asian stocks fell Monday as investors remained anxious over inflation and the ongoing impact of China's Covid lockdown policies, despite an initial Wall Street bounce thanks to a solid US jobs report.

Global markets have taken a beating over a series of crises including surging inflation, rising interest rates, China's economic slowdown and the war in Ukraine.

Wall Street on Friday saw a brief lift in equities after the US Labor Department reported that the world's largest economy added a better-than-expected 428,000 jobs in April, with the unemployment rate remaining at a low 3.6 percent.

But it still finished lower, with the S&P 500 dropping 0.6 percent, while the other two US indices also dipped at the close of Friday -- with the Nasdaq suffering the most at 1.5 percent.

The losses globally capped a volatile week, though markets were briefly lifted due to temporary relief after the Federal Reserve hiked borrowing costs 50 basis points -- the most since 2000.

Any short-term outlook is bound to be "messy", said Diana Mousina, a senior economist at AMP Investments.

"There may be more downside as markets worry about a significant economic slowdown or 'hard landing' and aggressive interest-rate hikes," she wrote in a note according to Bloomberg.

The United States' fierce monetary tightening -- combined with the news of more restrictions in China -- has continued to send traders running for the hills.

Lockdowns across dozens of Chinese cities -- from the manufacturing hubs of Shenzhen and Shanghai to the breadbasket of Jilin -- have wreaked havoc on supply chains over recent months, crushing small businesses and trapping consumers at home.

Equities fell in Australia, Singapore, Seoul and Tokyo on Monday, while China's two mainland indices -- Shanghai and Shenzhen -- were also lower. Hong Kong's stock exchange was closed for a public holiday.

"Given the unsettled backdrop of the Ukraine War and China's economic woes, it is challenging for the Fed to aggressively raise interest rates without dropping the US economy into a sinkhole," said Stephen Innes of SPI Asset Management.

"Questioning the ability of central banks to lean against inflation effectively remains a significant source of angst... The longer this goes on, it will drive even higher investor anxiety levels and pressure stocks lower."

Crude prices rebounded Friday after key producers led by Saudi Arabia and Russia refused to lift output more than their planned marginal increase as they weighed tight supply concerns caused by Moscow's invasion of Ukraine.

But by Monday, it had lowered slightly -- likely due to "broader market anxieties suggesting recessionary concerns", Innes said.

- Key figures at around 0230 GMT -

Tokyo - Nikkei 225: DOWN 2.2 percent at 26,410.30 (break)

Hong Kong - Hang Seng Index: Closed for a holiday

Shanghai - Composite: DOWN 0.6 percent at 2,999.67

Brent North Sea crude: DOWN 0.4 percent at $111.92 per barrel

West Texas Intermediate: DOWN 0.5 percent at $109.18 per barrel

Euro/dollar: DOWN at $1.0512 from $1.0556 on Friday

Pound/dollar: DOWN at $1.2295 from $1.2339

Euro/pound: DOWN at 85.51 pence from 85.52 pence

Dollar/yen: UP at 130.88 yen from 130.56 yen

New York - Dow: DOWN 0.3 percent at 32,899.37 (close)

London - FTSE 100: DOWN 1.5 percent at 7,387.94 (close)

dhc/oho

HARGREAVES LANSDOWN

Dow


Related Links
Global Trade News


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


TRADE WARS
China troubles mar Adidas's first-quarter result
Frankfurt (AFP) May 6, 2022
German sportswear giant Adidas reported a drop in its profits in the first quarter on Friday, as widespread coronavirus lockdowns hurt business in key market China. The group's net profit from its continuing operations fell to 310 million euros ($326 million), from 502 million euros in the same quarter last year. The fall came off the back of a three-percent drop in sales, felt particularly strongly in Asia, the group said in a statement. First-quarter revenues in China fell by 35 percent ... read more

Comment using your Disqus, Facebook, Google or Twitter login.



Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

TRADE WARS
Canada stumbling in transition to low-carbon economy

EU needs to recycle more to hit green energy goals: report

Paris climate targets feasible if nations keep vows

Lots of low- and no-cost ways to halt global warming

TRADE WARS
MIT expands research collaboration with Commonwealth Fusion Systems

Researchers at the GIST uncover the key to safer energy storage devices

Electric eels inspired the first battery two centuries ago

Dual membrane offers hope for long-term energy storage

TRADE WARS
Transport drones for offshore wind farms

Lack of marshaling ports hindering offshore wind industry

Favourable breezes boost Spain's wind power sector

Brazil to hold first offshore wind tender by October: official

TRADE WARS
Citizen science for the advancement of solar energy

Renewable energy to grow to new record in 2022: IEA

Renewable energy to grow to new record in 2022: IEA

ABC Solar Expands to Louisiana Just-In-Time

TRADE WARS
Framatome acquires EFINOR group Energy and Defense subsidiaries

Framatome selected to support component modernizations at Forsmark Nuclear Power Plant

Framatome announces launch of Framatome Bulgaria to support long-term services contract

Philippines could revive nuclear plant if Marcos wins presidency

TRADE WARS
Mystery solved about active phase in catalytic CO2 reduction to methanol

Using human energy to heat buildings will pay off

Dung power: India taps new energy cash cow

Biden's biofuel: Cheaper at the pump, but high environmental cost?

TRADE WARS
Qatar emir visits Iran as nuclear talks falter

NREL scientists advance renewable hydrogen production method

Iraq strikes deal with Iran to secure summer gas imports

Energy firms' climate commitments lack credibility: report

TRADE WARS
Thousands sick as latest severe sandstorm sweeps across Iraq

Horn of Africa drought drives 20 million towards hunger

Worst drought in decades devastates Ethiopia's nomads

UK banks hit by climate protests at shareholder meets









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.