Analyst
European and Asian stocks, especially those connected with Chinese real estate, faced downturns due to rising concerns over the debt situations of major Chinese property developers. The situation was aggravated in part by China Evergrande Group's decision to cancel a creditor meeting.
In Europe, the Stoxx 600 is trading 0.3% lower in early Monday trading. Sentiments were further strained by the EU’s chief trade negotiator's warning to China, indicating a firmer stance in defending the bloc’s interests. Markets await the release of important inflation and consumer confidence throughout Europe this week. German business climate came in slightly better than expected (85.7 vs. 85.2 but worsened further from the August reading 85.8) - assessments of the current situation fell thus to their lowest level since August 2020; Business expectations, however, came in slightly better than in August at 82.9 (82.7 August) - still very pessimistic.
In the US, stock futures hinted at slightly negative / near flat opening with the S&P 500, Nasdaq, and Dow Jones trading 0.1% - 0.25% lower.
US Treasuries are rising in early trading. Traders remain cautious about inflation and policy trajectory in light of the recent oil rally and the Fed's indication of persistent high rates.
Analysts look at unchanged fundamental market conditions and become more pessimistic, which opens up more downward pressure on the markets. At the same time, two Fed officials hinted at possible further rate hikes to reach the 2% inflation target.
In Asia, China witnessed a dip of 0.44% largely due to it's real estate debt issues. While Japan enjoyed a surge of 0.94%, largely due to the Bank of Japan's extended ultra-easy monetary policy. Hong Kong was also up by 1.34%.
Oil prices continued their ascent, almost touching their 10-month highs, with WTI Crude at above $90 per barrel, driven by speculations of tightening supplies resuming their rally.
Key events today:
EUR Ifo Business Climate - 08:00 UTC+0 (released)
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