2021-08-21 12:07:59
Our trading team last week market summary U.S. stock-index futures plummeted, while Treasuries and the dollar rallied, amid concern the Federal Reserve may start tapering stimulus this year even as the delta virus variant undermines global growth.
Futures on the S&P 500 Index lost 0.9%, while a gauge of world stocks headed for the worst week since February. The 10-year rate shed three basis points, and the greenback headed for a nine-month high. U.S.-listed Chinese stocks, including Alibaba Group Holding Ltd., plunged in premarket trades amid further tightening Chinese regulations. Oil declined for a sixth day.
Investors are bracing for the withdrawal of unprecedented liquidity as the developed world looks for mass vaccinations to keep the recovery on track. However, the persistent spread of coronavirus and slowing China's growth raises questions about whether the global economy can absorb the shock of reduced support.
Treasury yields fell across the curve on Thursday. The 10-year rate hovered near 1.23%, extending its slide since March to 51 basis points.
MSCI Inc.'s gauge of Asia-Pacific shares fell to this year's low as Chinese technology stocks struggled. After China hit the industry with new regulations, Alibaba tumbled as much as 6.6% to a record low in Hong Kong. The company's U.S. shares slid 3.8% in premarket New York trading.
NetEase Inc. and JD.com Inc. lost 3.6% each as U.S. investors dumped the New York listings of Chinese stocks.
The Bloomberg Commodity Index fell to a one-month low, with oil, copper and iron ore all slumping. Commodity-linked currencies, including New Zealand and Australian dollars, fell.
Cryptocurrency prices continue to be in the red on August 19. The global cryptocurrency market cap is $1.93 trillion, a 1.98% increase over the last day, while the total crypto market volume over the last 24 hours is $109.97 billion, which makes a 12.36% decrease.
Stocks• Futures on the S&P 500 fell 0.9%
• Futures on the Nasdaq 100 fell 0.8%
• Futures on the Dow Jones Industrial Average fell 0.9%
• The MSCI Asia Pacific Index fell 1.7%
• The MSCI Emerging Markets Index fell 2%
Currencies• The Bloomberg Dollar Spot Index rose 0.3%
• The euro fell 0.2% to $1.1690
• The Japanese yen rose 0.2% to 109.56 per dollar
• The offshore yuan fell 0.2% to 6.4992 per dollar
• The British pound fell 0.5% to $1.3686
Bonds• The yield on 10-year Treasuries declined three basis points to 1.23%
• Germany's 10-year yield was little changed at -0.49%
• Britain's 10-year yield fell three basis points to 0.54%
Commodities• Brent crude fell 2.9% to $66.23 a barrel
• Spot gold was little changed
Cryptocurrency• Bitcoin BTC $44,800
• Ethereum ETH $3,000
• Cardano ADA $2.13
• Ripple XRP $1.12
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