Tuesday, June 6, 2023
No Result
View All Result
SUBSCRIBE
eNaira Online News
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion
eNaira Online News
No Result
View All Result

Recession worries weigh on euro as US stocks advance | The Guardian Nigeria News

by e-Naira Online News
June 24, 2022
in Business
Reading Time: 3 mins read
A A
0
Home Business
Share on FacebookShare on Twitter


The euro retreated against the dollar Thursday as economic data pointed to increased prospects of a recession in Europe, while Wall Street stocks finished higher following another volatile session.

US stocks overcame a midday sag as Federal Reserve Chair Jerome Powell, in a second day of testimony on Capitol Hill, downplayed the idea that government pandemic aid was the key factor fueling US inflation as he continued to vow a tough response to inflation.

But Karl Haeling of LBBW said markets have “significantly shifted rate hike expectations” over the last week as recession chatter has grown. Investors now anticipate the United States will be essentially finished with rate hikes in 2022 rather than in 2023.

The broad-based S&P 500 finished up one percent.

Meanwhile, economic growth in the eurozone plummeted in June, a key survey showed, as high prices took the wind out the strong recovery from the deep lows of the coronavirus pandemic.

The closely-watched monthly purchasing managers’ index by S&P Global slumped to 51.9 from 54.8 in May. A figure above 50 indicates growth.

PMI data also revealed that Britain’s private sector business activity is languishing at its lowest level for more than a year on decades-high inflation.

“The latest PMI numbers from France and Germany have weighed on the euro, with economic activity slowing more than expected in June, raising concerns that both countries are heading into a recession,” said market analyst Michael Hewson at CMC Markets.

“While ECB (European Central Bank) policymakers continue to insist that a recession isn’t their base case, all the evidence points to exactly that,” he added.

European stocks also fell, with London ending the day down 1.0 percent and Paris shedding 0.6 percent. Frankfurt tumbled 1.8 percent after Germany hiked its alert level about natural gas supplies, taking it one step closer to rationing.

Government bond yields also fell in another indication that investors are more worried about the prospect of a recession, removing some of the financial sting on governments from rising interest rates.

Commentators have warned for some time that the world economy could be heading for contracting growth owing to the sharp increase in global interest rates aimed at cooling inflation.

The prospect of a retreat in the global economy continued to drag on oil prices as traders fretted over slowing demand.

Brent and WTI, the international and US benchmarks, have slumped over the past week, even with sanctions on Russian crude exports and China’s gradual reopening from lockdowns.

Adding to the selling of crude was data Wednesday indicating a jump in US stockpiles.

– Key figures at around 1530 GMT –
Euro/dollar: DOWN at $1.0526 from $1.0566 late Wednesday

Pound/dollar: DOWN at $1.2259 from $1.2266

Euro/pound: DOWN at 85.80 pence from 86.14 pence

Dollar/yen: DOWN at 134.94 yen from 136.26 yen

New York – Dow: UP 0.6 percent at 30,677.36 (close)

New York – S&P 500: UP 1.0 percent at 3,795.73 (close)

New York – Nasdaq: UP 1.6 percent at 11,232.19 (close)

London – FTSE 100: DOWN 1.0 percent at 7,020.45 (close)

Frankfurt – DAX: DOWN 1.8 percent at 12,912.59 (close)

Paris – CAC 40: DOWN 0.6 percent at 5,883.33 (close)

EURO STOXX 50: DOWN 0.8 percent at 3,436.29 (close)

Tokyo – Nikkei 225: UP 0.1 percent at 26,171.25 (close)

Hong Kong – Hang Seng Index: UP 1.3 percent at 21,273.87 (close)

Shanghai – Composite: UP 1.6 percent at 3,320.15 (close)

Brent North Sea crude: DOWN 1.5 percent at $110.05 per barrel

West Texas Intermediate: DOWN 1.8 percent at $104.27 per barrel





Source link

Tags: AdvanceEuroGuardianNewsNigeriarecessionstocksweighWorries
Previous Post

Oil Slides on Fresh Worries about US Rate Hike

Next Post

Buhari once again rules out political solution, bail for IPOB leader, Nnamdi Kanu

Related Posts

Treasury Bills Buying Deepens Ahead Of CBN Auction
Business

Treasury Bills Buying Deepens Ahead Of CBN Auction

by e-Naira Online News
June 5, 2023
Ignite Investments increase buyout price of Ardova shareholders
Business

Ignite Investments increase buyout price of Ardova shareholders

by e-Naira Online News
June 5, 2023
Petrol subsidy removal: Sanwo-Olu asks NLC not to politicize the planned strike, calls for restraint
Business

Petrol subsidy removal: Sanwo-Olu asks NLC not to politicize the planned strike, calls for restraint

by e-Naira Online News
June 5, 2023
Nigeria faces fiscal tragedy, but subsidy removal offers hope | The Guardian Nigeria News
Business

Nigeria faces fiscal tragedy, but subsidy removal offers hope | The Guardian Nigeria News

by e-Naira Online News
June 5, 2023
Fresh concerns as NCAA rejects Nigeria Air’s certification request
Business

Fresh concerns as NCAA rejects Nigeria Air’s certification request

by e-Naira Online News
June 4, 2023
Next Post
Buhari once again rules out political solution, bail for IPOB leader, Nnamdi Kanu

Buhari once again rules out political solution, bail for IPOB leader, Nnamdi Kanu

Opportunities in volatile trade environment, the AfCFTA perspective

Opportunities in volatile trade environment, the AfCFTA perspective

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
Why new Kano Governor, Abba Yusuf is seizing public assets sold by Ganduje

Why new Kano Governor, Abba Yusuf is seizing public assets sold by Ganduje

May 30, 2023
Dollar To Naira Exchange Rate Today (Wed. May 31, 2023)

Dollar To Naira Exchange Rate Today (Wed. May 31, 2023)

May 31, 2023
Apple challenges Meta in virtual reality, unveils N1.6m headset

Apple challenges Meta in virtual reality, unveils N1.6m headset

June 5, 2023
Nigeria’s foreign trade falls to N12 trillion in Q1 2023

Nigeria’s foreign trade falls to N12 trillion in Q1 2023

June 5, 2023
African Development Bank To Extend Nearly $1m In Gender-Based Grants

African Development Bank To Extend Nearly $1m In Gender-Based Grants

June 5, 2023
Treasury Bills Buying Deepens Ahead Of CBN Auction

Treasury Bills Buying Deepens Ahead Of CBN Auction

June 5, 2023
Nigerian Breweries Plc To Acquire 80% Stake In Distell Wines and Spirits Nigeria Limited

Nigerian Breweries Plc To Acquire 80% Stake In Distell Wines and Spirits Nigeria Limited

June 5, 2023
The politics of subsidy, moribund refineries and independent marketers

The politics of subsidy, moribund refineries and independent marketers

June 5, 2023
Ignite Investments increase buyout price of Ardova shareholders

Ignite Investments increase buyout price of Ardova shareholders

June 5, 2023
Market sees first dip after recent rally

Market sees first dip after recent rally

June 5, 2023

Get the free newsletter

eNaira Online News

Get the latest news and follow the coverage of eNaira, Business & Financial, Stock Market, Analysis, and more from the trusted sources.

CATEGORIES

  • Banking
  • Business
  • Capital Market
  • Companies
  • Crypto
  • eNaira
  • Finance
  • Opinion
  • Personal Finance
  • Real estate
  • Uncategorized
No Result
View All Result

GET THE FREE NEWSLETTER

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 e-Naira Online News.
e-Naira Online News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion

Copyright © 2022 e-Naira Online News.
e-Naira Online News is not responsible for the content of external sites.