HomeTop Global NewsStocks Waver Amid Chinese Economic Uncertainty

Stocks Waver Amid Chinese Economic Uncertainty

Asian, European, and U.S. stocks all declined on Wednesday morning as investors continued to express concern over China’s struggle to make a smooth post-pandemic economic recovery.

In the United States, futures on the S&P 500 and the Dow Jones Industrial Average both fell by 0.2%, while those on the Nasdaq 100 declined by 0.3%. European stocks faltered as well, with the pan-European Stoxx Europe 600 index heading towards its lowest close since March following a 0.2% decline.

The MSCI Asia Pacific Index plunged 1.3% after China reported its weakest purchasing managers’ index since December. Hong Kong’s Hang Seng Index slipped by 0.2%.

Commodities were also heavily affected, with copper extending its worst monthly loss over the past year and iron ore falling further below $100 per ton. This comes as China’s slowing manufacturing activities raise questions regarding demand.

The Bloomberg Spot Dollar Index rose 0.3%, with the euro falling 0.6% to $1.0671. The British pound fell 0.4% to $1.2363, while the offshore yuan fell 0.4% to 7.1221 per dollar.

Elon Musk is No Longer Interested in Buying TikTok

Tesla and SpaceX CEO Elon Musk is no longer interested in expanding his social media platform portfolio. Musk, who already owns X (former Twitter),...

Alphabet’s Stock Sinks on Missed Revenue, AI Spending

Alphabet, the parent company of Google and YouTube, saw its stock drop by more than 7% on Tuesday. This was a result of a...

Bitcoin and Other Cryptocurrencies Plunge Amid Tariffs on Imports From Mexico and Canada

Bitcoin, the world's most valuable cryptocurrency, has dropped 2.67% on Monday morning and dragged down other crypto assets as well as shares of crypto-centric...