Renewed China Q2 earnings as futures slide on Covid lockdown, red hot fears for CPI
Categories: Crypto News US
Renewed China Q2 earnings as futures slide on Covid lockdown, red hot fears for CPI
US equity futures and global markets started the second week of the third quarter on a back foot, with spruce slipping on Monday morning as traders feared fears that Covid could make a comeback in China, leading to a fall in Chinese stocks. This could lead to more virus restrictions.
The most in a month, amid growing concern about an ugly second-quarter earnings season starting this week.The closely watched CPI print is expected to rise again on Wednesday, keeping the market on edge. Contracts on the S&P 500 and Nasdaq 100 trade 0.7% lower, suggesting a rally in US stocks last week as my stall as concerns about China's Covid resurgence weigh on risk appetite.
The dollar bounced back, reversing two weeks of losses and trading near the highest level since 2020, while Treasuries edged up. Bitcoin dropped, oil declined and iron ore extended losses on concerns about the demand outlook in China.
Adding to the risk-off mood was the latest Covid news from China, whose stocks had their worst day in nearly a month, as the resurgence of Covid was combined with fresh fines for the tech giant.