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Forex news -forex broker review => Forex => Topic started by: PocketOption on Apr 24, 2022, 08:30 am

Title: Asian Equites Tumble With Wall Street
Post by: PocketOption on Apr 24, 2022, 08:30 am
Asian Equites Tumble With Wall Street

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The incipient recovery rally on Wall Street overnight ran into a brick wall of Fed speakers, notably Jerome Powell who was very hawkish. That sent Wall Street tumbling to a negative close as US yields shot higher, notably at the short end. The S&P 500 fell by 1.47%, the Nasdaq slumped by 2.07%, and the Dow Jones fell by 1.02% as concerns mount about whether the Fed will send the US into a hard or soft landing. US futures have continued south in Asia, the S&P 500, Nasdaq and Dow futures are around 0.45% lower.



That has spilt over into Asian markets, already nervous about a deeper slowdown in China. The Nikkei 225 has slumped by 2.0%, with South Korea's Kospi falling by 1.15%, and Taipei losing 1.0%. Mainland China stocks are lower, but showing some resilience, making me think that China's "national team" are doing some pre-weekend "smoothing. A lower Yuan may also be supporting exporters. The Shanghai Composite has fallen by 0.45%, while the CSI 300 is down just 0.25%. However, the Hang Seng has lost 1.0% as President Xi emphasised digital security in his speech yesterday.



Across regional markets, Singapore, Jakarta, and Manila are down just 0.20%, while Kuala Lumpur is unchanged, Bangkok has lost 0.55%. Again, weaker currencies may be supporting local markets. Australian markets have taken fright at the losses on Wall Street overnight, falling heavily. The ASX 200 and All Ordinaries have slumped by 1.50%.



The price action in Asia, combined with a low appetite for risk over the weekend, is likely to see European equities fall heavily at the open this afternoon. Political risks in France and Britain will e another headwind and fears of widening European energy sanctions on  will limit any gains.


Source: Asian Equites Tumble With Wall Street (https://www.marketpulse.com/20220422/asian-equites-tumble-with-wall-street/)