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Sunday, September 25, 2022

Multidirectional global markets after Wall Street downturn and virus spread

BEIJING. Global Wall Street stocks and futures were mixed Thursday as traders tried to figure out the potential impact of the latest coronavirus variant.

London and Frankfurt opened lower, while Shanghai and Tokyo fell. Hong Kong has moved forward.

It’s unclear if the omicron is more dangerous than the other options. But governments have responded by tightening travel controls. This heightens concerns about the outlook for a global economic recovery.

On Wall Street, the future Dow Jones Industrial Average is up 0.6 percent and the future S&P 500 is up 0.5 percent. The index fell 1.2 percent on Wednesday, despite polls showing better-than-expected hiring and manufacturing activity in November. Markets were already starting to fall when the White House announced the opening of the first omicron case in the United States.

The Dow fell 1.3 percent on Wednesday and the Nasdaq fell 1.8 percent.

Traders work on the New York Stock Exchange on December 1, 2021 (Richard Drew / AP Photo)

In early trading on Thursday, the FTSE 100 in London shed 0.9 percent to 7,105.89, while the DAX in Frankfurt fell 1.4 percent to 15,263.35. The CAC in Paris fell 1.2% to 6798.75.

In Asia, the Shanghai Composite Index lost less than 0.1 percent to 3,573.84, while the Nikkei 225 in Tokyo fell 0.6 percent to 27,753.37. The Hang Seng Index in Hong Kong rose 0.6% to 23,788.93.

Seoul’s Kospi rose 1.6 percent to 2,945.27, while Sydney’s S & P-ASX 200 shed 0.2 percent to 7,225.20.

The Indian Sensex rose 0.8 percent to 58,165.65. New Zealand and Singapore fell, and Jakarta advanced.

The latest data “painted an optimistic picture for economic conditions, but it seems to have faded into the background as the omicron option has the potential to make a difference,” IG’s Yip Jun Rong said in a report.

Investors were already alarmed after Federal Reserve Chairman Jerome Powell said the US central bank could end stimulus earlier than expected due to persistently high inflation.

Buying Fed bonds is pouring money into the financial system, driving up stock prices. The S & P500 has more than doubled since March 2020.

In energy markets, US benchmark oil rose 87 cents to $ 66.44 in electronic trading on the New York Mercantile Exchange. On Wednesday, the contract fell 61 cents to $ 65.57. Brent crude, the standard price for world oil, rose by $ 1 to $ 69.87 per barrel in London. In the previous session, it lost 36 cents to $ 68.87.

The dollar rose to 113.21 yen from 112.79 yen on Wednesday. The euro rose to $ 1.1323 from $ 1.1319.

Joe Macdonald

Associated Press

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