Please try another search
Stocks and US futures on the Dow, S&P, NASDAQ and Russell 2000 sold off on Thursday after Chinese real estate developer, Evergrande announced that the sale of a significant stake in its property management group—in order to shore up the company's teetering financial stability—had collapsed, adding to traders' concerns about markets and rising global inflation.
Treasury yields fell but the dollar advanced.
All four US contracts were trading in the red this morning, with the Russell most deeply in negative territory.
The STOXX 600 Index slipped from its highest levels in six weeks, following the earlier Asian selloff—which saw the Hang Seng decline 0.5%—on news of the collapse of a $2.6 billion sale of the property management arm of the beleaguered Evergrande Group (HK:3333). The shares slumped 12.5%, on the announcement while Evergrande Property Services Group (HK:6666) slid 8%.
Miners, automakers and industrial stocks pulled down the pan-European benchmark—sectors sensitive to the economic recovery—as investors worry about future corporate earnings in an economy battling the highest inflation in years.
Yesterday's uneven US session saw the S&P 500 inch toward its record high, but the NASDAQ 100 retreated, imbuing markets with a cautious air.
Despite a slide in 10-year Treasury yields, the dollar gained.
The USD bounced off the neckline of a massive double bottom. If prices close at the level at which they are now, they will have developed a bullish hammer.
Gold managed to hold on to yesterday's gains despite the strength of the greenback.
Still, the yellow metal gave up an advance after the 100 DMA crossed below the 200 DMA as it neared the neckline of a H&S continuation pattern.
Bitcoin bulls had a great day on Wednesday as the cryptocurrency's price finally broke through the $66,000 level.
Today, the digital token managed to hit yesterday's closing price after a small dip. JPMorgan notes the surge in demand has been fueled by inflation.
Much of the current exuberance has been attributed to the launch, on Tuesday of the ProShares Bitcoin Strategy ETF (NYSE:BITO) which topped $1 billion in assets in just two days.
Presumably, speculators are enjoying the fun ahead of the launch of a second US Bitcoin ETF, the Valkyrie Bitcoin Strategy ETF (BTF) on Friday with others due to follow next week.
The price of the leading crypto formed a Hanging Man. That's bearish upon a close and a confirming candle, which would occur if the price closes below the real body of today's candle. Bulls may be exhausted after BTC's incredible 60% vault since late September.
The cryptocurrency is likely to correct and find support at the top of the broken rising channel before taking on new heights.
Oil is falling from a 7-year high due to a surprise drop in stockpiles. However, the current energy crisis in Europe and Asia may drive an increase in demand for oil as an available alternative to natural gas.
When the price of an asset falls despite supposed bullish news, it's bearish. The oil price is falling after forming a hanging man yesterday. Preferably, the hanging man would not have had any upper shadow, but if the price today closes below yesterday's opening level, it might be a bearish signal.
The RSI is turning lower after reaching the most overbought condition since February so the next support will probably be the uptrend line at around $80.
Headline inflation should fall back on Wednesday Food inflation should fall back rapidly Headline inflation should fall below 2% in April or May Services inflation should fall...
US markets retreated once more ahead of a week where the words, rather than the actions, of the Federal Reserve will take centre stage. The Fed’s two-day policy meeting will begin...
Week Ahead, March 18-22nd MON: Chinese Retail Sales (Feb), EZ Final CPI (Feb) TUE: BoJ Announcement, RBA Announcement; German ZEW Survey (Mar), Canadian CPI (Feb) WED: FOMC...
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.