September 27, 2022
United States:
US Stocks Rise; Dollar Drops as Yields Retreat: Markets Wrap
US stocks rose and Treasury yields retreated in a cautious rally as investors braced for a heightened risk of global recession.
The S&P 500 open above 1%, after ending Monday’s session at its lowest level in nearly two years. Pressure on bonds somewhat eased after the worst selloff in decades, with the benchmark US 10-year Treasury yield sliding from the highest level since 2010. The dollar turned broadly weaker after soaring to another record high on Monday.
Europe:
Europe’s Gas Crisis Is Bigger Than Its $302 Billion Rescue Plan
The economic damage from the shutdown of Russian gas flows is piling up fast in Europe and risks eventually eclipsing the impact of the global financial crisis.
With a continent-wide recession now seemingly inevitable, a harsh winter is coming for chemical producers, steel plants and car manufacturers starved of essential raw materials who’ve joined households in sounding the alarm over rocketing energy bills.
Asia:
China’s Economic Recovery Faces Fresh Risks From Global Slowdown
China’s shaky recovery continued in September, with a pickup in car and homes sales in the biggest cities compensating for weaker global demand and falling business confidence.
That’s the outlook based on Bloomberg’s aggregate index of eight early indicators for this month. The overall gauge was at 5, unchanged from August, signaling that the economic rebound maintained momentum.
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