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Shares drop as stubborn U.S. inflation stokes worries on rates, economy

By Tom Westbrook SINGAPORE (Reuters) - Stocks fell and the dollar held firm on Thursday as data showed U.S. inflation persistently high, and investors worried about the economic...
Shares drop as stubborn U.S. inflation stokes worries on rates, economy © Reuters. FILE PHOTO: A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, India, February 1, 2020. REUTERS/Francis Mascarenhas

By Tom Westbrook

SINGAPORE (Reuters) - Stocks fell and the dollar held firm on Thursday as data showed U.S. inflation persistently high, and investors worried about the economic toll of aggressive interest rate hikes to tame it.

U.S. markets whipsawed after the news, then closed sharply lower. S&P 500 futures rose 0.5% in a bumpy Asia session. Foreign exchange trade was also volatile, but has left the dollar index within a whisker of a two-decade high.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 1%. Japan's Nikkei fell 1%.

Bitcoin was pinned below $30,000 on Thursday, nursing loses from an almost 27% wipeout that has taken $11,000 off its price in about a week.

Headline U.S. consumer prices rose 8.3% for the 12 months to April. That was slower than the 8.5% pace of a month earlier and raised hopes that the pace of price rises has peaked. However, it was also higher than market forecasts for 8.1%, and reaffirmed concerns that rates will need to rise quickly to tame it.

"We're now very much embedded with at least two further hikes of 50 basis points on the agenda. For equity markets that really is the end of free money," said Damian Rooney, director of institutional sales at brokerage Argonaut in Perth.

"I think we probably were delusional six months ago with the rise of U.S. equities on hopes and prayers and the madness of the meme stocks, and suddenly were going a little bit back to what is reality," he said.

Apple shares (NASDAQ:AAPL) fell 5% overnight, dragging the S&P 500 down 1.65% and the Nasdaq down 3.2%.

Short-dated Treasuries were dumped in the wake of the data, but the longer end of the curve rallied as investors worried steep rate hikes would slam the brakes on growth.

The benchmark 10-year Treasury yield fell six basis points (bps) overnight and dropped a further four bps in Tokyo trade to 2.8877%. The gap between two-year and 10-year yields narrowed, flattening the yield curve.

"There should be a tipping point in how far the Fed can be pressed before odds clearly point towards a hard landing," said NatWest Markets' U.S. rates strategist Jan Nevruzi.

SELL IN MAY

The Nasdaq is down nearly 8% in May so far and more than 25% this year, bearing the brunt of selling as higher U.S. yields draw money out of expensively priced tech stocks.

Cryptocurrency markets are also melting down, with the collapse of the so-called stablecoin TerraUSD highlighting the turmoil.

A weakening growth picture outside the United States too is battering investor confidence, as war in Ukraine threatens an energy crisis in Europe and lengthening lockdowns in China throw another spanner into supply chain chaos.

Property developer Sunac China said it missed a bond interest payment and will miss more as China's real estate sector remains in the grip of a credit crunch.

The uncertainty about nearly everything except U.S. rate rises has benefited the dollar. It held the euro near recent lows at $1.0524 on Thursday and hovered around 129.78 yen, while trade-sensitive currencies were squeezed.

The Australian dollar was volatile in the wake of the U.S. inflation data, but was unable to hold its ground above $0.70 and last bought $0.6943.

Sterling was at a two-year low of $1.2230 as a stand-off over post-Brexit trade rules for Northern Ireland deepens.

The Hong Kong Monetary Authority spent $202 million on Thursday to support the Hong Kong dollar which hit the weaker end of its peg to the greenback.

In commodity trade, oil steadied after a Wednesday surge amid concerns about westbound gas flows from Russia to Europe.

Brent crude futures edged 0.7% lower to $106.78 a barrel and U.S. crude was 0.6% lower at $105.07 a barrel.

British activity and growth data is due later in the day.

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21-05-2022 20:08:21 (UTC+7)

EUR/USD

1.0562

-0.0024 (-0.23%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

EUR/USD

1.0562

-0.0024 (-0.23%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

GBP/USD

1.2489

+0.0029 (+0.23%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (2)

Sell (5)

USD/JPY

127.86

+0.07 (+0.05%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (3)

Sell (3)

AUD/USD

0.7039

-0.0008 (-0.11%)

Summary

Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (1)

Sell (3)

USD/CAD

1.2839

+0.0014 (+0.11%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (5)

Sell (1)

EUR/JPY

135.05

-0.24 (-0.18%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (3)

Sell (2)

EUR/CHF

1.0296

-0.0005 (-0.05%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

Gold Futures

1,845.10

+3.90 (+0.21%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

Silver Futures

21.765

-0.143 (-0.65%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (2)

Sell (6)

Copper Futures

4.3042

+0.0212 (+0.49%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (2)

Crude Oil WTI Futures

110.35

+0.46 (+0.42%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (6)

Brent Oil Futures

112.91

+0.87 (+0.78%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

Natural Gas Futures

8.058

-0.250 (-3.01%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

US Coffee C Futures

216.48

-2.22 (-1.02%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (0)

Euro Stoxx 50

3,657.03

+16.48 (+0.45%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (9)

Sell (1)

S&P 500

3,901.36

+0.57 (+0.01%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

DAX

13,981.91

+99.61 (+0.72%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (8)

Sell (0)

FTSE 100

7,389.98

+87.24 (+1.19%)

Summary

Neutral

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (7)

Sell (2)

Hang Seng

20,717.24

+596.56 (+2.96%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (7)

US Small Cap 2000

1,768.35

-7.87 (-0.44%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (7)

Sell (1)

IBEX 35

8,484.50

+78.50 (+0.93%)

Summary

Neutral

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (5)

Sell (2)

BASF SE NA O.N.

48.850

-0.010 (-0.02%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (6)

Sell (1)

Bayer AG NA

63.74

+0.34 (+0.54%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (6)

Sell (2)

Allianz SE VNA O.N.

195.58

+0.78 (+0.40%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (8)

Sell (0)

Adidas AG

172.80

+0.92 (+0.54%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (7)

Sell (1)

Deutsche Lufthansa AG

6.852

+0.049 (+0.72%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (5)

Siemens AG Class N

115.08

+2.62 (+2.33%)

Summary

Neutral

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (4)

Sell (4)

Deutsche Bank AG

9.362

-0.130 (-1.37%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (8)

Sell (1)

 EUR/USD1.0562↑ Buy
 GBP/USD1.2489Neutral
 USD/JPY127.86Neutral
 AUD/USD0.7039Sell
 USD/CAD1.2839↑ Buy
 EUR/JPY135.05Neutral
 EUR/CHF1.0296↑ Buy
 Gold1,845.10↑ Buy
 Silver21.765↑ Sell
 Copper4.3042↑ Buy
 Crude Oil WTI110.35↑ Sell
 Brent Oil112.91↑ Sell
 Natural Gas8.058↑ Sell
 US Coffee C216.48↑ Buy
 Euro Stoxx 503,657.03↑ Buy
 S&P 5003,901.36↑ Buy
 DAX13,981.91Buy
 FTSE 1007,389.98Neutral
 Hang Seng20,717.24↑ Sell
 Small Cap 20001,768.35↑ Buy
 IBEX 358,484.50Neutral
 BASF48.850Buy
 Bayer63.74Buy
 Allianz195.58Buy
 Adidas172.80Buy
 Lufthansa6.852↑ Sell
 Siemens AG115.08Neutral
 Deutsche Bank AG9.362Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,875/ 6,975
(0/ 0) # 1,795
SJC HCM6,895/ 6,985
(5/ 5) # 1,800
SJC Hanoi6,895/ 6,987
(5/ 5) # 1,802
SJC Danang6,895/ 6,987
(5/ 5) # 1,802
SJC Nhatrang6,895/ 6,987
(5/ 5) # 1,802
SJC Cantho6,895/ 6,987
(5/ 5) # 1,802
Cập nhật 21-05-2022 20:08:23
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ↀ Giá vàng thế giới
$1,846.53+4.270.23%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V30.58031.190
RON 95-III29.98030.570
E5 RON 92-II28.95029.520
DO 0.05S26.65027.180
DO 0,001S-V27.45027.990
Dầu hỏa 2-K25.16025.660
ↂ Giá dầu thô thế giới
WTI$110.53-0.11-0.10%
Brent$112.89-0.31-0.27%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.000,0023.310,00
EUR23.879,5425.217,23
GBP28.128,1029.328,16
JPY176,49186,84
KRW15,8019,26
Cập nhật lúc 18:54:43 21/05/2022
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