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Stocks in biggest weekly loss since 2020 on interest-rate worries

Saturday, June 18, 2022

By Koh Gui Qing

NEW YORK (Reuters) - World stocks on Friday closed out their steepest weekly slide since the pandemic meltdown of March 2020, as investors worried that tighter monetary policy by inflation-fighting central banks could damage economic growth.

The U.S. Federal Reserve's biggest rate hike since 1994, the first such Swiss move in 15 years, a fifth rise in British rates since December and a move by the European Central Bank to bolster the indebted south all took turns roiling markets.

The Bank of Japan was the only outlier in a week where money prices rose around the world, sticking on Friday with its strategy of pinning 10-year yields near zero.

After sharp early losses, world stocks steadied somewhat to ending Friday's session down by just 0.12%. The weekly slide of 5.8% was the steepest since the week of March 20, 2020.

Wall Street's Dow Jones Industrial Average slipped 0.13%, the S&P 500 added 0.22%, and the Nasdaq Composite jumped 1.43%.

For the week, the S&P 500 dropped 5.8%, also its biggest fall since the third week of 2020.

"Inflation, the war and lockdowns in China have derailed the global recovery," economists at Bank of America (NYSE:BAC) said in a note to clients, adding they see a 40 percent chance of a recession in the United States next year as the Fed keeps raising rates.

"We look for GDP growth to slow to almost zero, inflation to settle at around 3% and the Fed to hike rates above 4%."

The Fed on Friday said its commitment to fight inflation is "unconditional". Fears that its rate hikes could trigger a recession supported Treasury prices and slowed the rise in yields, which fall when prices rise. Ten-year Treasury yields retreated to 3.22944% after hitting an 11-year high of 3.498% on Tuesday. [US/]

Southern European bond yields dropped sharply after reports of more detail from ECB President Christine Lagarde on the central bank's plans.

"The more aggressive line by central banks adds to headwinds for both economic growth and equities," said Mark Haefele, chief investment officer at UBS Global Wealth Management. "The risks of a recession are rising, while achieving a soft landing for the U.S. economy appears increasingly challenging."

In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan fell to a five-week low, dragged by selling in Australia. Japan's Nikkei fell 1.8% and headed for a weekly drop of almost 7%.

JAPANESE YEN DIVES

Bonds and currencies were jittery after a rollercoaster week.

Overnight in Asia, the yen tanked after the Bank of Japan stuck to its ultra-accomodative policy stance. The yen fell 2.2% by late Friday, bolstering the U.S. dollar, which rose 0.73% against a basket of major currencies.

Sterling fell 1% in New York as investors focused on the gap between U.S. and UK rates. The Bank of England is opting for a more moderate approach than the Fed.

"If a central bank does not move aggressively, yields and risk price in more in the way of rate hikes down the road," said NatWest Markets' strategist John Briggs.

"Markets may just be continuously adjusting to an outlook for higher global policy rates ... as global central bank policy momentum is all one way."

Slower growth could dent fuel demand, so U.S. crude fell 6.42% to $110.04 per barrel and Brent was at $113.30, down 5.43% on the day. [O/R]

Gold was off 0.8% at $1,841.13 an ounce, weighed down by a firmer dollar. [GOL/]

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30-06-2022 04:49:28 (UTC+7)

EUR/USD

1.0441

+0.0002 (+0.02%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (2)

Sell (9)

EUR/USD

1.0441

+0.0002 (+0.02%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (2)

Sell (9)

GBP/USD

1.2122

-0.0003 (-0.02%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (4)

Sell (3)

USD/JPY

136.55

-0.03 (-0.02%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

Buy (1)

Sell (6)

AUD/USD

0.6879

-0.0003 (-0.04%)

Summary

↑ Sell

Moving Avg:

Buy (2)

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Indicators:

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USD/CAD

1.2894

+0.0003 (+0.02%)

Summary

↑ Buy

Moving Avg:

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EUR/JPY

142.57

-0.01 (-0.01%)

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EUR/CHF

0.9970

-0.0001 (-0.01%)

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Gold Futures

1,819.20

-2.00 (-0.11%)

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Silver Futures

20.733

-0.139 (-0.67%)

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Copper Futures

3.7717

-0.0083 (-0.22%)

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Crude Oil WTI Futures

109.63

-2.13 (-1.91%)

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Brent Oil Futures

112.30

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Natural Gas Futures

6.416

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US Coffee C Futures

228.05

+10.30 (+4.73%)

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Euro Stoxx 50

3,514.32

-34.97 (-0.99%)

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Neutral

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S&P 500

3,818.83

-2.72 (-0.07%)

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DAX

13,003.35

-228.47 (-1.73%)

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FTSE 100

7,312.32

-11.09 (-0.15%)

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Hang Seng

21,996.89

-422.08 (-1.88%)

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Neutral

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US Small Cap 2000

1,713.32

-25.52 (-1.47%)

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Neutral

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IBEX 35

8,188.00

-129.50 (-1.56%)

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BASF SE NA O.N.

41.580

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Bayer AG NA

57.62

-2.61 (-4.33%)

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Allianz SE VNA O.N.

183.72

+0.62 (+0.34%)

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Adidas AG

170.02

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Deutsche Lufthansa AG

5.813

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Siemens AG Class N

101.40

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Deutsche Bank AG

8.571

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Sell (3)

 EUR/USD1.0441↑ Sell
 GBP/USD1.2122↑ Buy
 USD/JPY136.55↑ Sell
 AUD/USD0.6879↑ Sell
 USD/CAD1.2894↑ Buy
 EUR/JPY142.57↑ Sell
 EUR/CHF0.9970↑ Sell
 Gold1,819.20↑ Sell
 Silver20.733↑ Sell
 Copper3.7717↑ Buy
 Crude Oil WTI109.63↑ Buy
 Brent Oil112.30↑ Buy
 Natural Gas6.416Neutral
 US Coffee C228.05↑ Sell
 Euro Stoxx 503,514.32Neutral
 S&P 5003,818.83↑ Buy
 DAX13,003.35↑ Sell
 FTSE 1007,312.32Sell
 Hang Seng21,996.89Neutral
 Small Cap 20001,713.32Neutral
 IBEX 358,188.00↑ Buy
 BASF41.580↑ Sell
 Bayer57.62Neutral
 Allianz183.72Buy
 Adidas170.02↑ Sell
 Lufthansa5.813↑ Buy
 Siemens AG101.40↑ Sell
 Deutsche Bank AG8.571Neutral
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SJC Eximbank6,805/ 6,865
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Cập nhật 30-06-2022 04:49:30
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ↀ Giá vàng thế giới
$1,818.00-0.5-0.03%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V33.47034.130
RON 95-III32.87033.520
E5 RON 92-II31.30031.920
DO 0.05S30.01030.610
DO 0,001S-V30.81031.420
Dầu hỏa 2-K28.78029.350
ↂ Giá dầu thô thế giới
WTI$108.29+2.272.05%
Brent$111.91+1.731.52%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.070,0023.380,00
EUR23.788,7225.121,19
GBP27.597,2728.774,53
JPY166,01175,75
KRW15,4718,85
Cập nhật lúc 18:53:49 29/06/2022
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