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Euro plunges to two-decade low vs dollar as economic fears mount

The euro sank to a two-decade low versus the dollar on Tuesday as another surge in natural gas prices reignited worries about the health of the euro zone economy and data showed euro zone business growth slowed sharply in June. The euro tumbled 0.9% against the dollar to $1.0325, its weakest since December 2002. Versus the Swiss franc, it dropped 0.7%to 0.9941 francs, its lowest since 2015. “It will continue to be very difficult for the euro to rally in any meaningful way with the energy picture worsening and risks ...

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Rebound in oil prices gives world stocks a lift in holiday trade

A rebound in oil prices on concerns of tight supply gave world stocks a lift on Monday in a session hit by a U.S. holiday. Oil got a reprieve as lower output from the Organization of the Petroleum Exporting Countries (OPEC), unrest in Libya and sanctions on Russia outweighed fears of a global recession. “Oil fundamentals remain supportive,” said Warren Patterson, head of commodity research at ING. “Clearly OPEC is still struggling to hit its agreed output levels,” Output from the 10 members of OPEC in June fell 100,000 barrels ...

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Investors brace for pivotal July after dismal first half

The U.S. stock market is reeling from its worst first half of any year since 1970, with investors girding for a series of potential flashpoints in July that may set Wall Street’s course for the coming months. Second-quarter corporate earnings, hotly anticipated U.S. inflation data and the Federal Reserve’s monetary policy meeting are among potentially pivotal events after the S&P 500 fell 20.6% in the initial six months of 2022. For now, the mood on Wall Street is grim. Bonds, which investors count on to offset stock declines, have tumbled ...

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China takes fresh steps to open bond market to foreigners

China took fresh steps on Friday to facilitate foreign investment in its $20 trillion bond market, saying it would cut service fees, improve overseas access to foreign exchange hedging, and streamline the process of opening accounts. China will also facilitate cross-border bond subscriptions, and make it easier for foreign passive funds to trade Chinese bonds, the China Foreign Exchange Trade System (CFETS), affiliated to China’s central bank, said in a statement. Passive funds track indexes, as opposed to active funds where managers pick assets to invest in. Overseas investors reduced ...

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Key events in developed markets next week

Key events in developed markets next week | Article | ING Think US jobs figures are released next Friday. For us to seriously consider changing our July Fed call we would need to see payrolls growth fall with the unemployment rate moving a couple of tenths higher and wage growth showing signs of stagnating Expectation of a 75bp rate hike from the Fed is unlikely to change Between now and the 27 July Federal Open Market Committee (FOMC) meeting there are only two US data releases that could potentially prompt ...

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Take Five: The second half

After a torrid six months, world markets will be hoping for some sign that central banks might dial back their hawkishness. U.S. jobs data, if sharply below forecast, might prove that catalyst. Central banks are front and centre elsewhere, too. The ECB kicks off its bond reinvestment scheme to shield southern Europe’s fragile economies; emerging markets’ policy-tightening spree will continue; and in Australia, a half-point rate rise is expected. Here is your look at the week ahead in markets from Karin Strohecker and Sujata Rao in London, Ira Iosebashvili in ...

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Global investors turn sellers in equity funds on recession fears

Global equity funds faced outflows in the week to June 29, as recession fears crept higher, with major central banks looking keen to raise interest rates further to tame soaring inflation. According to Refinitiv Lipper, investors disposed of a net $20.79 billion worth of global bond funds in a fourth straight week of net selling. Fund flows: Global equities, bonds and money market Federal Reserve Chairman Jerome Powell said this week that there was a risk the U.S. central bank’s interest rate hikes could slow the economy too much, but ...

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Second half starts with a fresh drubbing for stocks

The second half of the year started with another first class drubbing for global stock markets on Friday, as the recession concerns that have built in recent weeks also shoved oil and metals lower again. MSCI’s world stocks index has had its worst start to a year since its 1990 creation over the last six months and a 1% early tumble in Europe and for Wall Street futures pointed to more pain ahead. Asia had thudded lower too with the heaviest fall in Taiwan, where the growth-sensitive benchmark index slid ...

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Buying the bear? Equity demand endured market pain

It’s a hard habit to break. You’d be forgiven for thinking the worst two-quarter period for stock markets since 2009 had investors running for the hills – but you’d be wrong. One of the most startling statistics from the torrid first half of 2022 is that investors bought a net $195 billion of stocks even as major U.S. and global equity indices lost almost a fifth of their value in the face of rising inflation, interest rates and recession fears. According mutual fund data tracked by Bank of America, the ...

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European shares face worst quarter since pandemic-led carnage in early 2020

European shares fell on Thursday and were set for their worst quarter since the pandemic-led carnage in early 2020, as investors became increasingly wary of a global recession in the wake of hawkish central bank actions to tame rising inflation. The continent-wide STOXX 600 index .STOXX was down 1.4% by 0709 GMT, with France’s CAC 40 index .FCHI down 2.0% as preliminary official figures showed inflation climbed further from the previous month to a record 6.5%. The STOXX 600 fell for a second straight day after global central bank chiefs ...

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Private equity’s swoop on listed European firms runs into rising execution risks

European listed companies have not been this cheap for more than a decade, yet for private equity firms looking to put their cash piles to work, costlier financing and stronger resistance from businesses are complicating dealmaking. Sharp falls in the value of the euro and sterling coupled with the deepest trading discounts of European stocks versus global peers seen since March 2009, have fuelled a surge in take-private interest from cash-rich buyout firms. Private equity-led bids for listed companies in Europe hit a record $73 billion in the first six ...

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European equities per-share profit could drop over 6% – HSBC

European equities could see a drop between 6.4% and 8.5% in earnings per share this year compared to consensus estimates of a rise of more than 11%, HSBC said on Tuesday, as investors worry over the chances of tighter monetary policy and slowing growth. As economies battle with record-high inflation, investors fear that major central banks could further raise interest rates to tackle it, potentially setting off a recession. The pan-European STOXX 600 is down 14.16% so far this year, while the FTSE 100 index has fallen 0.4%. HSBC upgraded ...

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World stocks in red as consumers signal recession ahead

Global stock markets slipped for the second straight day on Wednesday and bond yields inched lower on growing fears that policymakers bent on dampening inflation will tip their economies into recession. A succession of weak data releases in Europe and the United States has not prevented central bankers from doubling down on hawkish rhetoric. More is likely later on Wednesday when the heads of the European Central Bank, U.S. Federal Reserve and Bank of England speak at a central banking forum. Data on Tuesday showed U.S. consumer confidence dropped to ...

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Private equity’s swoop on listed European firms runs into rising execution risks

European listed companies have not been this cheap for more than a decade, yet for private equity firms looking to put their cash piles to work, costlier financing and stronger resistance from businesses are complicating dealmaking. Sharp falls in the value of the euro and sterling coupled with the deepest trading discounts of European stocks versus global peers seen since March 2009, have fuelled a surge in take-private interest from cash-rich buyout firms. Private equity-led bids for listed companies in Europe hit a record $73 billion in the first six ...

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Stocks swing higher as China eases quarantine rules

Asian shares swung into positive territory in afternoon trade on Tuesday, propelled by China’s decision to ease some quarantine requirements for international arrivals, with Hong Kong stocks particularly supported. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was up 0.5%, having spent most of the day in the red. The index has fallen 3.8% so far this month. Health authorities said on Tuesday that China will halve to seven days its COVID-19 quarantine period for visitors from overseas, with a further three days spent at home. Following the news, ...

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