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U.S. Equity Futures traded slightly higher on Wednesday morning as stocks continued their recent pullback, even after new data showed inflation climbed at a slower pace than economists expected in August.
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$ 34,577.57
-292.06 (-0.84%)
$ 15,037.75873
-67.82 (-0.45%)
On Wall Street, the S&P 500 lost 0.6% to 4,443.05, abandoning the previous day’s gain, after the government announced that consumer prices in August rose 0.3% from the previous day. last month.
The 11 sectors of the benchmark all finished in the red. Banks, energy stocks and industrial and communications companies were among the main drag on the index.
WHAT IS YOUR INCREASE REALLY WORTH? INFLATION HAS SOMETHING TO SAY.
The Dow Jones Industrial Average fell 0.8% to 34,577.57. The Nasdaq composite fell 0.5% to 15,037.76.
Investors fear that higher inflation may cause the Federal Reserve and other central banks to feel pressured to cut easy credit and other stimulus measures that are helping to push up stock prices. The Fed said it believed a spike in consumer inflation in the United States was temporary and that interest rates would stay low until a recovery was established.
U.S. equity futures traded slightly higher on Wednesday morning as stocks continued their recent pullback, even after new data showed inflation had climbed at a slower pace than economists had expected in August. (AP Photo / Richard Drew)
Meanwhile, Asian stock markets followed Wall Street lower on Wednesday after U.S. inflation was lower than expected due to unease over the impact of the spread of the delta variant of the coronavirus.
Shanghai, Tokyo, Hong Kong and Sydney all retreated, abandoning the previous day’s gains.
Wall Street’s benchmark S&P 500 fell despite data showing consumer prices rose at their slowest pace in seven months in August.
Hong Kong-traded shares in casino operators based in Macau, a gambling enclave and former Portuguese colony in southern China, have plunged on reports of a possible crackdown on the industry.
Authorities are planning an industry review before casino licenses are renewed next year, according to reports.
Wynn Macau lost 28%, Sands China fell 30%, MGM China dropped 24%, and local operator SJM Entertainment fell 21%.
INFLATION ‘HERE TO STAY’: OWNER OF A BILLION-BASED SUPERMARKET
More generally, investor optimism over the deployment of coronavirus vaccines and central bank support to global economies competes with anxiety over the impact of the delta variant and anti-disease measures on consumers and businesses.
“The initial optimism resulting from a weaker-than-expected impression of the US CPI was quickly offset by concerns about global growth,” IG’s Yeap Jun Rong said in a report.
The Shanghai Composite Index lost 0.4% to 3,648.67 and the Nikkei 225 in Tokyo lost 0.5% to 30,511.71. The Hang Seng in Hong Kong fell 1.8% to 25,046.42.
Seoul’s Kospi gained 0.2% to 3,153.40 while Sydney’s S & P-ASX 200 was down 0.3% to 7,417.00. The New Zealand and Southeast Asian markets declined.
In energy markets, benchmark US crude rose 51 cents to $ 70.97 a barrel in electronic trading on the New York Mercantile Exchange. The contract added 1 cent on Tuesday to $ 70.46. Brent crude, the basis of international oil prices, rose 50 cents to $ 74.10 per barrel in London. It gained 9 cents the day before at $ 73.60 a barrel.
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The dollar fell to 109.50 Japanese yen from 109.63 yen. The euro was unchanged at $ 1.1804.
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