September 19, 2022
US Stock Futures Slide at Start of Key Fed Week: Markets Wrap
US equity futures slid with stocks Monday as investors await a slew of interest rate decisions in the days ahead and after global equities notched their worst week since hitting this year’s low in June. The dollar rose.
Futures on the S&P 500 index dropped as much as 1% along with the Nasdaq 100, indicating extended declines for the benchmark after its steepest weekly decline since June 17. The Stoxx Europe 600 Index headed for its lowest close since July 5, wiping out most of its summer rally.
Euro-Area Recession Now Looks Almost Inevitable to Economists
The risk of a euro-area recession has reached its highest level since July 2020 as concerns grow that a winter energy squeeze will cause a slump in economic activity.
China Struggles to Stem Yuan Slide With Fixing, Verbal Warnings
The yuan fell, an indication that China’s latest attempts to beef up the currency with a record pushback in the reference rate and verbal warnings is barely holding back a selling wave.
The People’s Bank of China fixed the yuan at 6.9396 per dollar, 647 pips stronger than the average estimate in a Bloomberg survey of analysts and traders, the widest difference on record since Bloomberg started the survey in 2018. The onshore yuan dropped as much as 0.6% Monday even after state media cited the regulator as saying last week companies shouldn’t bet on the direction and extent of currency moves.
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