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☆ Oil edges lower as markets shrug off supply jitters
▼ + stars: | 2023-09-06 | by ( Mohi Narayan | Thomson Reuters | Reports On Everything How Asia S Fuel Use Recovers The Fallout Of To Tracking How The Global Energy Transition Impacts Refinery Expansion Plans | ) www.reuters.com time to read: +3 min

NEW DELHI, Sept 6 (Reuters) - Oil prices reversed course on Wednesday after rising over 1% in the previous session, as investors shrugged off jitters arising from supply cuts from Saudi Arabia and Russia and a firm dollar capped the upside. A stronger dollar can weigh on oil demand by making the fuel more expensive for holders of other currencies. "Iran is producing close to 3.1 million barrels per day (bpd) and plans to pump around 3.4 million bpd. Reflecting supply concerns in the near term, the front-month Brent futures traded near 9-month highs at $4.13 a barrel above prices in six months. Sachdeva, however, added that the annual refinery maintenance period in the U.S. from September to October could limit demand for crude and potentially act as a restraining factor on rising oil prices.

Persons: Alexander Novak, Novak, Sachdeva, Mohi Narayan, Arathy Somasekhar, Christopher Cushing, Stephen Coates, John Stonestreet Organizations: Brent, . West Texas, Rystad Energy, ING Economics, ING, REUTERS, U.S, Saudi, Acme Investment Advisors, Thomson Locations: DELHI, Saudi Arabia, Russia, Iran, Volgograd, U.S, New Delhi, Houston

☆ European stocks extend losses as economic slowdown jitters weigh
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +1 min

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, September 4, 2023. REUTERS/Staff/File Photo Acquire Licensing RightsSept 6 (Reuters) - European stocks extended losses for a sixth consecutive session on Wednesday as worries about global economic slowdown and higher crude prices spurring inflationary pressures weighed on risk sentiment. The pan-European STOXX 600 index (.STOXX) slipped 0.5% by 0713 GMT, hovering near a one-week low. While oil prices pulled back slightly, government bond yields continued to rise, with the German 10-year yield jumping to two-week highs. Further denting the mood, German industrial orders fell more than expected in July, the federal statistics office said.

Persons: Sruthi Shankar, Sherry Jacob, Phillips Organizations: REUTERS, Staff, Telefonica, Saudi Arabia's STC, Spanish, Thomson Locations: Frankfurt, Germany, Saudi Arabia, Russia, Bengaluru

☆ Dollar firm on growth worries, fragile yen draws warning
▼ + stars: | 2023-09-06 | by ( ) www.cnbc.com time to read: +2 min

The yen was at 147.66 per dollar in early Asian hours, just shy of 147.8 per dollar, the lowest since Nov. 4 it touched overnight. The Asian currency has hovered around the key 145 per dollar level for the past few weeks, leading traders to keep a wary eye on signs of an intervention. "We won't rule out any options if speculative moves persist," Japan's top currency diplomat Masato Kanda told reporters on Wednesday. Against a basket of currencies, the dollar rose 0.067% to 104.80, not far off the six-month high of 104.90 it touched overnight. The euro was unchanged at $1.0721 in Asian hours, having breached a three-month low of $1.0705 overnight.

Persons: Masato Kanda, Christopher Wong, Sterling, Christopher Waller Organizations: Ministry of Finance, Federal, U.S, Reserve Bank of Australia Locations: China, Kanda, Singapore, Europe, Britain

☆ US dollar rises on global growth worries; Aussie down
▼ + stars: | 2023-09-05 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +3 min

The Aussie dollar slumped after the Reserve Bank of Australia kept rates steady. "Worries are on the rise about a China and Europe-led slowdown in global growth. As a result the dollar is catching a solid safe haven bid," said Joe Manimbo, senior market analyst at Convera in Washington. The euro was down 0.69% after hitting a near 3-month low against the dollar at $1.07225. A deteriorating global growth picture sent the pound to a 12-week low against the dollar after a survey showed business activity in Britain contracted last month.

Persons: Dado Ruvic, Joe Manimbo, Christopher Waller, Waller, Convera's Manimbo, bitcoin, Saqib Iqbal Ahmed, Alun John, Shinjini Ganguli, Mike Harrison, William Maclean Organizations: REUTERS, Reserve Bank of, Fed, Federal, U.S, Financial, Aussie, Thomson Locations: China, Reserve Bank of Australia, Europe, Washington, U.S, Britain, London

☆ U.S. dollar lifted by worries over global growth; Aussie sinks
▼ + stars: | 2023-09-05 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNEW YORK, Sept 5 (Reuters) - The dollar rose on Tuesday as jitters over global growth, particularly in China, caused investors to flock to the safe-haven U.S. currency, while the Aussie dollar slumped after the Reserve Bank of Australia kept rates steady. "Worries are on the rise about a China and Europe-led slowdown in global growth. The euro, was down 0.72% after hitting a near 3-month low against the dollar at $1.0719. The U.S. dollar also climbed against China's currency, and was last up 0.42% at 7.3081 against the yuan traded offshore. A deteriorating global growth picture sent the pound to a 12-week low against the dollar after a survey showed business activity in Britain contracted last month.

Persons: Dado Ruvic, Joe Manimbo, Christopher Waller, Waller, Convera's Manimbo, bitcoin, Saqib Iqbal Ahmed, Alun John, Shri Navaratnam, Alexander Smith, Shinjini Ganguli, Mike Harrison Organizations: REUTERS, Aussie, Reserve Bank of, Fed, Federal, U.S, Financial, Thomson Locations: China, Reserve Bank of Australia, Europe, Washington, U.S, Britain, London

The strong labor market is propping up U.S. households. “Real disposable income looks set to reaccelerate in 2024 on the back of continued solid job growth and rising real wages,” Jan Hatzius, Goldman’s chief economist, wrote in a client note. On Friday, the Labor Department reported that wage gains had cooled in August, but real wages, adjusted for inflation, are trending higher. In March, the bank raised its recession odds to 35 percent in the wake of Silicon Valley Bank’s collapse and worries that contagion could hurt other lenders. Poll numbers released on Monday by The Wall Street Journal showed that President Biden’s popularity is still sagging, partly because of his track record on the economy.

Persons: Goldman Sachs, ” Jan Hatzius, Goldman Organizations: Labor Department, Bloomberg, Wall Street Locations: United States, U.S, Bidenomics

☆ Gold retreats as growth risks drive safe-haven bids to U.S. dollar
▼ + stars: | 2023-09-05 | by ( ) www.cnbc.com time to read: +2 min

Gold slipped to a one-week low on Tuesday on rising bond yields and as investors opted for the U.S. dollar to hedge against global growth concerns. Spot gold declined 0.6% to $1,926.49 per ounce. Jitters about global growth, particularly in China and the Euro zone, caused rival safe-haven dollar to hit multi-month highs against a basket of currencies, making gold more expensive for overseas buyers. "The global growth slowdown story will eventually prove to be a positive for gold and that would only come once the market becomes more skeptical about the US recession risks." Silver shed 1.1% to $23.70 per ounce, logging its biggest daily drop in a month.

Persons: Gold, Edward Moya, Christopher Waller, Otunuga Organizations: U.S, Federal Reserve, Fed Locations: China

☆ U.S. dollar rises on global growth worries; Aussie down
▼ + stars: | 2023-09-05 | by ( ) www.cnbc.com time to read: +3 min

The dollar rose to a near six-month high against a basket of currencies on Tuesday as jitters over global growth, particularly in China, caused investors to flock to the safe-haven U.S. currency. The Aussie dollar slumped after the Reserve Bank of Australia kept rates steady. "Worries are on the rise about a China and Europe-led slowdown in global growth. The euro was down 0.69% after hitting a near 3-month low against the dollar at $1.07225. A deteriorating global growth picture sent the pound to a 12-week low against the dollar after a survey showed business activity in Britain contracted last month.

Persons: Shane Oliver, Joe Manimbo, Christopher Waller, Waller, Convera's Manimbo, bitcoin Organizations: AMP, Reserve Bank of, Fed, Federal, U.S, Financial, Aussie Locations: Sydney, Australia, China, Reserve Bank of Australia, Europe, Washington, U.S, Britain

☆ Gold retreats as growth risks drive safe-haven bids to US dollar
▼ + stars: | 2023-09-05 | by ( Harshit Verma | ) www.reuters.com time to read: +2 min

Spot gold was down 0.6% to $1,927.69 per ounce by 12:49 p.m. EDT (1649 GMT). Jitters about global growth, particularly in China and the euro zone, caused the safe-haven dollar to hit multi-month highs against a basket of currencies, making gold more expensive for overseas buyers. "The global growth slowdown story will eventually prove to be a positive for gold and that would only come once the market becomes more skeptical about the US recession risks." Silver shed 1.5% to $23.60 per ounce, logging its biggest daily drop in a month. Reporting by Harshit Verma in Bengaluru; Editing by Shinjini Ganguli and Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Edward Moya, Christopher Waller, Harshit Verma, Shinjini Ganguli, Paul Simao Organizations: Waller, Data, U.S, Reuters, Federal Reserve, Fed, CNBC, Thomson Locations: China, Bengaluru

☆ Investors Head Into Fall With Jitters After Summer Rally
▼ + stars: | 2023-09-04 | by ( Hardika Singh | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/finance/stocks/investors-head-into-fall-with-jitters-after-summer-rally-5e030f8b

Persons: Dow Jones

☆ Morning Bid: Rates dice, AI arms race and G20 snub
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +5 min

AI (Artificial Intelligence) letters and robot hand are placed on computer motherboard in this illustration taken, June 23, 2023. Even if that came in slightly above forecasts, an unexpectedly sharp slowdown in the country's service sector ensured another underwhelming reaction. Chinese President Xi Jinping is likely to skip a summit of G20 leaders in India, sources told Reuters. Overall, Asia markets were flat to negative - Europe's bourses were higher and U.S. futures held steady ahead of Thursday's open. Reuters GraphicsReuters GraphicsReuters GraphicsReuters GraphicsBy Mike Dolan, editing by David Evans, <a href="mailto:mike.dolan@thomsonreuters.com" target="_blank">mike.dolan@thomsonreuters.com</a>.

Persons: Dado Ruvic, Mike Dolan, chatbots, Xi Jinping, Premier Li Qiang, Susan Collins, Raphael Bostic, Luis de Guindos, Campbell, David Evans Organizations: REUTERS, Federal Reserve, Baidu, HK, Washington, Reuters, Premier, U.S, Treasury, UBS, Chicago, Boston Federal, Atlanta Fed, European Central Bank, Broadcom, Dollar, Hormel, Reuters Graphics Reuters, Thomson Locations: U.S, Beijing, India, New Delhi, Asia

Analysts polled by Reuters prior to the data had estimated on average a draw of 3.3 million barrels. The offshore Gulf of Mexico accounts for about 15% of U.S. oil output and about 5% of natural gas production, according to the Energy Information Administration (EIA). Oil major Chevron Corp CVX.N evacuated some staff from the region, but production was continuing at the sites its operates in the Gulf of Mexico. Oil supply is expected to remain tight as analysts expect Saudi Arabia, the world's biggest oil exporter, will extend its voluntary output cut into October. However, worries about fuel demand and the mixed economic situation in China, the world's biggest oil importer, kept a lid on prices.

Persons: Lucy Nicholson, Toshitaka Tazawa, Yuka Obayashi, Trixie Yap, Christian Schmollinger, Kim Coghill Organizations: REUTERS, Brent, . West Texas, U.S, American Petroleum Institute, Reuters, Fujitomi Securities Co, Hurricane, Energy Information Administration, . Oil, Chevron Corp CVX.N, Capital, Thomson Locations: Bakersfield , California, SINGAPORE, U.S, Gulf, Mexico, Gulf of Mexico, Saudi Arabia, Asia, Gabon, China, Tokyo, Singapore

☆ Oil prices rise on large U.S. stockpile draw, hurricane jitters
▼ + stars: | 2023-08-30 | by ( ) www.cnbc.com time to read: +2 min

Malo deepwater oil platform stands in the Gulf of Mexico in the aerial photograph taken off the coast of Louisiana, on Friday, May 18, 2018. Oil prices extended gains on Wednesday after industry data showed a large draw in crude inventories in the U.S., the world's biggest fuel consumer, and as concerns about a hurricane in the Gulf of Mexico kept investors on edge. Analysts polled by Reuters prior to the data had estimated on average a draw of 3.3 million barrels. Oil major Chevron Corp evacuated some staff from the region, but production was continuing at the sites its operates in the Gulf of Mexico. Official crude stockpile data from the EIA is due at 1430 GMT on Wednesday.

Persons: St, Toshitaka Tazawa Organizations: Chevron Corp, Brent, . West Texas, U.S, greenback, American Petroleum Institute, Reuters, Fujitomi Securities Co, Hurricane, Energy Information Administration, Oil Locations: Malo, Gulf of Mexico, Louisiana, U.S, Gulf, Mexico

☆ China is doing everything it can to conceal the true extent of its economic turmoil
▼ + stars: | 2023-08-29 | by ( Linette Lopez | ) www.businessinsider.com time to read: +13 min

China's economy is turning into a big black blob. This is happening because Xi's China is one that puts ideology before economic growth. Not because the reforms weren't working, but because the China they were creating is not the one Xi wants to see. Even as the main drivers of China's economy stumble, there will be no direct support to help households power through this fragile period. Known unknownsTransparency in China's economic data has always moved the same cycles as its politics.

Persons: —, Xi Jinping, it's, Charlene Chu, Xi, who've, It's, Chu, Fan Zhang, Zhang, Xie Huanchi, thegovernment, Victor Shih, Ministry of State Security —, isn't, Shih, Linette Lopez Organizations: Communist, Autonomous Research, Nike, Starbucks, CCP, National Bureau of Statistics, Custom, J Capital Research, Study Times, Getty, World Trade Organization, Century China Center, University of California, Communist Party, Ministry of State Security, Beijing Locations: China, COVID, Xinhua, University of California San Diego, Beijing

☆ Morning Bid: Jitters mount as Powell retakes centre stage
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +2 min

Any hints about the Fed's rate outlook are sure to reverberate across asset classes. Stock markets around the globe slid as nerves grew, with Wall Street taking a tumble overnight and Japan's Nikkei (.N225) dropping 2% in the Asian morning. Stoxx 50 futures didn't offer much hope for the coming day after Europe's benchmark (.STOXX) drooped on Thursday. The pristine U.S. resiliency story took a hit earlier this week after surveys showing dismal business activity shook confidence. Reuters GraphicsFed officials squeezed in some final public comments before the boss's speech: Philadelphia Fed President Patrick Harker leaned towards holding policy steady for the rest of the year, while Boston Fed President Susan Collins kept the door open for additional hikes.

Persons: Brigid Riley, Jerome Powell, Jackson, drooped, Patrick Harker, Susan Collins, Christine Lagarde, Kevin Buckland, Edmund Klamann Organizations: Silicon Valley Bank, Credit Suisse, REUTERS, Staff, Japan's Nikkei, Thursday, Fed, Reuters Graphics, Philadelphia Fed, Boston Fed, Thomson Locations: Frankfurt, Silicon, Germany, U.S, Sweden

☆ Dollar eases before Jackson Hole, yen rises amid intervention jitters
▼ + stars: | 2023-08-22 | by ( Kevin Buckland | ) www.reuters.com time to read: +4 min

U.S. Dollar and Chinese Yuan banknotes are seen in this illustration taken January 30, 2023. China's yuan briefly popped to a one-week high as the central bank again tried to bolster the currency by setting a much stronger-than-anticipated daily mid-point, but those gains fizzled out quickly. Money markets currently lay a bit less than 50/50 odds for another 25 basis point Fed hike by November, before the central bank shifts to rate cuts next year. Traders are wary of intervention after levels around 146 spurred the first yen buying by Japanese officials in a generation last September. On Thursday, the dollar reached 146.565 yen for the first time since Nov. 10.

Persons: Dado Ruvic, Jerome Powell, Kazuo Ueda, Richard Franulovich, Powell, Kristina Clifton, Kevin Buckland, Simon Cameron, Moore Organizations: REUTERS, Rights, U.S, Federal, Bank of Japan, U.S ., Westpac, Treasury, Traders, Sterling, Commonwealth Bank of Australia, Thomson Locations: Bank, Jackson Hole , Wyoming, China's, Beijing, China

☆ Shoppers are trading down, even in secondhand purchases
▼ + stars: | 2023-08-22 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +4 min

Even though fair condition bags, shoes, and accessories show signs of heavier wear, The RealReal’s report said demand for fair condition bags is up 130% this year. For example, a Chanel flap bag in “fair condition” is $4,900, but in “excellent” could cost 65% more, or about $8,000. But, with the recent rise in fair condition, shoppers have embraced imperfection. They’re willing to buy older, worn items that are made well and still remain beautiful, and they wear them with pride,” said McCandless. Within certain fashion circles, the worn look has become a badge of honor,” she said.

Persons: Alexander McQueen, aren’t, Rati Sahi Levesque, Samantha McCandless, ”, McCandless, “, Millennials, Z, “ We’re Organizations: New, New York CNN, CNN Locations: New York

☆ Morning Bid: Skyrocketing yields in the spotlight
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsA look at the day ahead in European and global markets from Tom WestbrookBond selling extended on Tuesday to drive 10-year Treasury yields to fresh 16-year highs in Asia trade and leave already-nervous stock markets cautious. But it isn't inflation, as inflation expectations have hardly budged -- investors are plainly demanding a higher return to keep on buying the stuff. Some analysts have drawn attention to the coincidence of timing between the selloff and the Bank of Japan's signal that it would allow 10-year Japanese yields as high as 1%. Small beer on the data calendar on Tuesday will keep the focus on yields and on Fed Chair Jerome Powell's Jackson Hole speech on Friday. The yen took a small boost on the risk of intervention after Bank of Japan Governor Kazuo Ueda met with Prime Minister Fumio Kishida.

Persons: Dado Ruvic, Tom Westbrook Bond, Jackson, Jerome Powell's Jackson, HSI, Thaksin Shinawatra, Kazuo Ueda, Fumio Kishida, Ueda, Shri Navaratnam Organizations: REUTERS, Bank of, BHP Group, Bank of Japan, Reuters, Better, Thomson Locations: Asia, Shanghai, Hong Kong, China, Bangkok

“If you were to throw gasoline on a fire that’s already burning, that fire would grow really rapidly, really quickly. “Being hurricane season prepared also means being compassionate and kind to yourself during times of hardship,” NOLA Ready, the city’s emergency preparedness campaign, advised in a post on Instagram. Ms. Sibley, an administrative assistant and Ms. Ozane’s sister, has tried to save money to help with riding out hurricanes only for other demands to interfere with that. “What am I going to do if a hurricane really comes?” she said. “I pray we don’t have a bad one this year,” Ms. Sibley said.

Persons: El Niño, ”, Roishetta Sibley Ozane, Phil Klotzbach, “ There’s, Hurricane Ida, Emily Kask, The New York Times El, El, Eric Blake, Andrew, Craig E, Blake, Michael, Laura, Ian, Clay Tucker, NOLA Ready, Hurricane Laura, Ozane, “ They’re, Lake Charles, Ms, Meoshia Sibley, Sibley, Ozane’s, ” Ms, “ Organizations: Biscayne, El, Colorado State University, ”, National Oceanic, Atmospheric Administration, Atlantic, The New York Times, National Hurricane Center, Experts, Louisiana State University, University of Southern, Delta, of Louisiana Locations: Biscayne Beach, Florida, Westlake, La, Hurricane, Galliano, United States, University of Southern Mississippi, New Orleans, Lake Charles, Louisiana

Sealed Air has had a rough few weeks, with the stock down nearly 24% since the start of August. But the average price target implies shares could rally more than 31%, offering another reason to believe a bounce is on the horizon. Slightly more than half of analysts rate the stock a buy, with an average price target implying an upside of nearly 14%. Here's the full list: On the other hand, Charter Communications was the most overbought stock with an RSI of 81.57. The average price target implies shares could gain another 13.5% over the next year.

Persons: Joshua Spector, Morgan Stanley, downgrades, Wolfe, Peter Supino, Amgen, Michael Bloom Organizations: UBS, Investor, Fitch, Communications, Dow Jones Locations: U.S

An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. "Prices are likely to remain range-bound for now," Haworth said, adding that demand is in question for investors worried by the weak data from China. Higher borrowing costs can impede economic growth and in turn reduce overall demand for oil. Oil benchmarks were further depressed by seasonal demand weakness heading into the autumn, said Jay Hatfield, CEO of Infrastructure Capital Management. Hatfield said he expects demand to hold up in China despite its slowing economy and forecast oil prices would trade between $75 to $90 a barrel over the coming months.

Persons: Brent, Rob Haworth, Haworth, Jay Hatfield, Hatfield, WTI, Natalie Grover, Paul Carsten, Sudarshan, Shri Navaratnam, Jamie Freed, Conor Humphries, Jane Merriman, Barbara Lewis Organizations: REUTERS, U.S . West Texas, U.S, Bank Asset Management, U.S . Federal Reserve, Infrastructure Capital Management, Organization of, Petroleum, Thomson Locations: Zhoushan, Zhejiang province, China, BENGALURU, U.S, London, Singapore

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. The simplest conclusion is the Fed will not be able to ease again in anything like the way many had assumed or still think. This will lift the 'term premium' embedded in long-term bond yields, which has been so subdued since Fed balance sheet expansion met the crash of 2008, even if the Fed is done tightening policy rates, he said. Fed policy is more neutral than restrictive "if you believe we've returned to a pre-2008 world", he said, and that limits the scope for rate cuts in future. Writing by Mike Dolan; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, handwringing, Anujeet, we've, Amanda Lynam, Mike Dolan, Susan Fenton Organizations: New York Stock Exchange, REUTERS, Reserve, Treasury, U.S, AAA, Atlanta, Deutsche Bank, Vanguard, Federal Reserve, Brandywine Global, BlackRock, Reuters, Thomson Locations: New York City, U.S

☆ Wall St slides as megacap growth stocks drag on rate jitters
▼ + stars: | 2023-08-18 | by ( Amruta Khandekar | ) www.reuters.com time to read: +4 min

The yield on the 10-year Treasury note hit a ten-month high of 4.328% in the previous session and came within a whisker of its highest level since 2007. The communication services (.SPLRCL) and technology (.SPLRCT) sectors housing major growth stocks fell 1.6% and 1.0% respectively. With no major economic data due on Friday, focus will now shift to Federal Reserve Chair Jerome Powell's speech at the Jackson Hole economic symposium next week as well as earnings from chip designer Nvidia (NVDA.O). Declining issues outnumbered advancers for a 1.08-to-1 ratio on the NYSE and for a 1.00-to-1 ratio on the Nasdaq. The S&P index recorded no new 52-week highs and 17 new lows, while the Nasdaq recorded 10 new highs and 146 new lows.

Persons: Jason Reed, Estee Lauder, Hogan, EL.N, Jerome Powell's, advancers, Amruta Khandekar, Maju Samuel Organizations: U.S . Federal, REUTERS, Dow, Nasdaq, Riley, Apple, Microsoft, Nvidia, Alibaba, Federal, Dow Jones, Inc, NYSE, Thomson Locations: Washington, U.S, Maui

☆ European shares open lower as rate jitters, China woes loom large
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: +2 min

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, August 17, 2023. As of 0703 GMT, the pan-European STOXX 600 (.STOXX) was down 0.5% and poised for its fourth consecutive day of losses, if trend holds. Surging bond yields have pressured equities this week, with the STOXX 600 headed for a weekly fall of nearly 2%. European miners (.SXPP), who also face an exposure to China, fell 1.1% in early trade. UK's blue-chip FTSE 100 (.FTSE) fell 0.6% after data showed British retail sales slumped more sharply than expected in July.

Persons: Hermes, Shashwat Chauhan, Sherry Jacob, Phillips Organizations: REUTERS, Staff, China Evergrande, HK, EQT, Thomson Locations: Frankfurt, Germany, China, U.S, Bengaluru

Just a month ago, Wall Street was hailing the so-called “magnificent seven” for driving the gains this year in the S&P 500. As MarketWatch notes, four of the seven (Apple, Nvidia, Meta, and Microsoft) have fallen at least 10 percent from their highs in July. Tesla, the worst of the bunch, has tumbled more than 25 percent in that period, putting it in bear territory. On Thursday, alarm bells sounded on both sides of the Atlantic as investors sold government bonds en masse, sending yields to multiyear highs. Adding to the jitters, the renminbi hit a 16-year low against the dollar on Friday, prompting emergency moves to prop up the currency.

Persons: Tesla Organizations: Nvidia, Meta, Microsoft, SpaceX, Elon Musk’s, Nomura Locations: Hong Kong, United States, China

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