February 10, 2023
Stocks, Futures Fall With Bonds on Hawkish Bets: Markets Wrap
Stocks fell with US futures and Treasuries extended a selloff as wagers for more hawkish monetary policy mounted. Oil rose after Russia said it will cut output.
Contracts on U.S. stock gauges fell, with Tesla Inc. and most Big Tech names in the red in premarket trading. Lyft Inc. tumbled after its outlook disappointed analysts. European equities headed for their worst weekly drop in nearly two months, while the region’s bonds also retreated.
Germany’s China Dependency Is Dangerous, Finance Minister Says
Finance Minister Christian Lindner is worried that Germany’s economy is becoming too reliant on China and called for closer trade ties with democratic countries to counteract this dependency.
“Dangerous development: German trade deficit with China more than doubled in 2022,” Lindner wrote on Twitter. “We should learn from the experience with Russia.” Germany “urgently” needs to rethink and focus on more free trade with “value partners,” he said.
Malaysia Posts Highest Growth in Decades as Global Outlook Dims
Malaysia grew at the quickest pace in more than two decades in 2022, as pent-up demand helped the nation take the mantle of the fastest-growing economy in Asia even if the title is likely to be shortlived.
Gross domestic product rose 8.7% last year, the highest level since 2000, data from Bank Negara Malaysia and the Department of Statistics showed. That compares with the median estimate of 8.6% year-on-year growth in a Bloomberg survey, and aligns with official expectations.
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