July 5, 2023
United States:
US Stocks Fall as China Data Saps Risk Appetite: Markets Wrap
US equities followed European and Asian shares lower after weak services-industry data from China raised fresh concerns about the outlook for the global economy.
The S&P 500 and Nasdaq 100 slumped, as trading resumed after the Independence Day holiday. United Parcel Service Inc. dropped 2.4% as employees moved closer to a strike over pay while cryptocurrency exchange, Coinbase Global Inc., fell after a downgrade.
https://www.bloomberg.com/news/articles/2023-07-04/stock-market-today-dow-s-p-live-updates
Europe:
Property Crisis Pushes German Lender LBBW to Cut Risk on €5 Billion Loan Book
German lender Landesbank Baden-Württemberg has hired advisers to cut risk from its property loan book, as the firm wrestles with real estate exposure that doubled last year with the acquisition of Berlin Hyp.
BNP Paribas SA is advising LBBW to focus on roughly €5 billion ($5.5 billion) of commercial real estate loans, according to two people familiar with the matter, who asked not to speak publicly about private dealings. The asset class is struggling amid rising interest rates.
Asia:
China Services Growth Softens in Fresh Sign of Weakness
Expansion in China’s services industry slowed in June from the previous month, according to a private survey, providing more evidence that the key driver of the country’s post-Covid recovery is cooling.
The Caixin China services purchasing managers’ index declined to 53.9 from 57.1 in May, Caixin and S&P Global said in a statement Wednesday, the weakest since January and well below the median forecast of 56.2 among economists surveyed by Bloomberg. Any reading over 50 indicates an expansion from the prior month, while a number below that suggests contraction.
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