S&P 500 Falls Ending the Quarter
Volatility continued to roil risk assets, with energy prices spiking higher and U.S. equities sliding toward their worst quarter since the start of the pandemic.
Economically sensitive companies led losses in the S&P 500, with the gauge on track for its lowest level since July. A poor forecast at Bed Bath & Beyond Inc. and supply-chain worries at Kohl’s Corp. dragged retailers lower. Oil resumed its advance, while natural gas spiked.
Stoxx Europe is up by 0.79%
Dow Jones is down by 1.11%
NASDAQ is up by 0.08%
Myanmar Military Takes Responsibility For The Economic Crisis
Myanmar ruling military council’s spokesman Zaw Min Tun said that the ongoing economic crisis was caused by “outside factors” and two waves of COVID-19 infections, but the government is taking full responsibility and trying to solve them. Myanmar’s currency Kyat has lost more than 60% of its value since the beginning of September and the central bank had been unable to meet local demand for dollars. The World Bank said that the country’s growth would fall 18% this year and would see Southeast Asia’s biggest contraction in employment.
Ireland Doubles It’s Economic Outlook
Ireland’s Finance Minister Paschal Donohoe said on Thursday the country is experiencing a strong economic recovery from the Covid-19 pandemic hit and will see faster economic growth to 15.6% in 2021. GDP jumped 21.6% in the second quarter compared to last year, fueled by the ease in Covid restrictions and unemployment is expected to fall to 7.2% in 2022 and then to 5.3% in 2024.
Czech Central Bank Raises Interest Rate By Higher Basis-point
The Czech National Bank on Thursday unexpectedly raised its main rate by 75 basis points, the biggest hike since 1997. This is a key measurement to fight rising inflation, but such a big rise in rates was beyond analyst estimates. Some economists said that though the inflation jumped to 4.1% year-on-year in August, it was caused by the global rise of energy prices and supply chain disruptions and is beyond the central bank’s reach.
German Inflation Accelerates Further In September
According to the data from the German Federal Statistics Office, inflation is rising at a faster rate in September majorly caused by supply shortages. Consumer prices rose by 4.1% year-on-year compared with 3.4% in August. The data showed that the price of energy and food items had risen the most.
U.S. Weekly Jobless Claims Rise Again
The Labor Department said on Thursday that Jobless claims- the number of Americans filing new claims for unemployment benefits rose by 11,000 to a seasonally adjusted 362,000 for the week ended September 25. This is a third straight week of jump and economists say that wildfires in California, Hurricane Ida, and record flooding in New York and New Jersey in early September are the main reasons for rising claims.
China Tech Stocks Fall as State Media Fans Clampdown Concerns
Chinese technology stocks dropped on Thursday after state media ratcheted up calls for a deepening of regulation of online platforms to tutoring firms.
The Hang Seng Tech Index fell 1.3%, inching toward the lowest since its official launch that was hit last month. Stocks tracked overnight weakness in the sector’s American depository receipts after the South China Morning Post’s report that China’s scrutiny of video gaming content is getting stricter. Alibaba Group Holding Ltd.
China Orders Top Energy Firms to Secure Supplies at All Cost
China’s central government officials ordered the country’s top state-owned energy companies — from coal to electricity and oil — to secure supplies for this winter at all costs, according to people familiar with the matter. The order came directly from Vice Premier Han Zheng, who supervises the nation’s energy sector and industrial production.