Global stocks struggle higher as PMIs weigh
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard
THURSDAY, MAY 19, 2022
THURSDAY, MAY 19, 2022
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
Global stocks struggle higher as PMIs weigh

Global Economy

Reuters
21 August, 2020, 03:15 pm
Last modified: 21 August, 2020, 03:23 pm

Related News

  • Asian stocks wobble as growth doubts loom
  • Shares drop as stubborn US inflation stokes worries on rates, economy
  • Stocks slide, dollar climbs as rate hike concern in focus
  • Gains in stocks capped by rise in real yields, Netflix disappoints
  • Asian shares climb as US yields ease, China signals economic support

Global stocks struggle higher as PMIs weigh

Meanwhile US futures pointed to a flat open

Reuters
21 August, 2020, 03:15 pm
Last modified: 21 August, 2020, 03:23 pm
Signage is seen outside the entrance of the London Stock Exchange in London, Britain. Aug 23, 2018. Photo:Reuters
Signage is seen outside the entrance of the London Stock Exchange in London, Britain. Aug 23, 2018. Photo:Reuters

Global stock markets enjoyed cautious gains on Friday, taking their cue from Wall Street tech shares, but tepid economic data and lofty valuations reined in the advances in the wake of huge rally that has wiped out coronavirus losses.

Global stocks advanced 0.2% while the pan-European STOXX 600 climbed 0.4% after healthy gains in Asian-Pacific bourses in the wake of US tech shares closing higher on Thursday, shrugging off some sombre unemployment data in the world's top economy.

European stock markets also looked beyond fresh numbers painting a muted economic outlook with purchasing managers' index releases from France and Germany as well as the wider euro zone falling short of expectations, flagging a slowing momentum in the recovery.

"European stocks shrug off faltering flash PMIs," said Michael Hewson, chief market analyst at CMC Markets.

"The latest flash PMI data for August in France and Germany would appear to point to a plateauing in economic activity, particularly in the services sector, where rising infection rates here could well be tempering economic activity on the margins."

A stronger pound weighed on UK's export-heavy FTSE 100.

Global stocks fall as markets still rattled by Fed minutes

Meanwhile US futures pointed to a flat open.

The S&P 500 has rallied 54% from its March low in a world awash with monetary and fiscal stimulus, but money managers are questioning the future trajectory.

"We think equity markets, certain credit markets, and the US dollar have yet to fully reflect the long-term impact of ultra-loose Fed policy," said Mark Haefele, Chief Investment Officer at UBS Global Wealth Management

Overnight, clouds returned to the US labour market outlook, with weekly jobless claims back over a million to put the total number of Americans on unemployment benefits at 28 million.

The Philadelphia Federal Reserve's business index also missed expectations and together the weak readings pushed down nominal US yields and dragged on the dollar. Benchmark US 10-year debt yields were last steady at 0.6461%.

DOLLAR BLUES
In currency markets, the euro inched higher to sit at $1.1838 with the dollar weighed down by concerns over the strength of a US economic recovery in the wake of the jobs data.

A bounce in the greenback after Federal Reserve minutes that fell short of dovish market expectations wore off fairly quickly and the dollar looked set for a ninth consecutive weekly loss against a basket of currencies. [FRX/]

The Japanese yen inched up to 105.59 after an inflation miss supported real yields while China's yuan surged to a seven-month high as traders bet on Chinese growth.

Meanwhile sterling sat flat against the dollar to sit at $1.3222.

In commodity markets, the prospect of production cuts had oil prices on track for a small third straight weekly gain. On the day, Brent crude futures slipped a slither to $44.84 a barrel and US crude future to $42.73 a barrel.

Gold was a touch softer at $1,936.7 an ounce.

World+Biz

Global Stock Market

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Illustration: TBS
    Let taka slide
  • Nearly 58% hike in bulk power price on cards
    Nearly 58% hike in bulk power price on cards
  • Inflation jumps to 6.29% in April
    Inflation jumps to 6.29% in April

MOST VIEWED

  • An oil & gas pump jack is seen near Granum, Alberta, Canada May 6, 2020. REUTERS/Todd Korol/File Photo
    Oil prices recover from early losses as global supply fears linger
  • People wearing protective masks, amid the coronavirus disease (Covid-19) outbreak, are reflected on an electronic board displaying Japan's stock prices outside a brokerage in Tokyo, Japan, October 5, 2021. REUTERS/Kim Kyung-Hoon
    Asian shares tumble as global growth fears mount
  • Design artists work on their computer terminals at the Start-up Village in Kinfra High Tech Park in the southern Indian city of Kochi October 13, 2012. REUTERS/Sivaram V/Files
    Zombie unicorns: Indian startups go from feast to famine
  • File photo
    Dollar gains, stocks retreat as inflation jitters return
  • A view of the city skyline in Shanghai, China February 24, 2022. Picture taken February 24, 2022. REUTERS/Aly Song
    China, US lead rise in global debt to record high $305 trillion - IIF
  • The logo of Amazon is seen at the company's logistics center in Bretigny-sur-Orge, near Paris, France, 7 December, 2021. PHOTO: REUTERS/Gonzalo Fuentes
    Amazon discriminates against pregnant and disabled workers, New York alleges

Related News

  • Asian stocks wobble as growth doubts loom
  • Shares drop as stubborn US inflation stokes worries on rates, economy
  • Stocks slide, dollar climbs as rate hike concern in focus
  • Gains in stocks capped by rise in real yields, Netflix disappoints
  • Asian shares climb as US yields ease, China signals economic support

Features

Illustration: TBS

‘Do you have insurance?’: Life of a life insurance agent

33m | Panorama
‘The geopolitical landscape is undergoing profound change, Dhaka needs to craft proactive strategies’

‘The geopolitical landscape is undergoing profound change, Dhaka needs to craft proactive strategies’

23h | Interviews
Graphics: TBS

Facebook and Bangladeshi politicians: A new tide in mass political communication?

1d | Panorama
Despite Bangladesh having about 24,000 km of waterways, only a few hundred kilometres are covered by commercial launch services. Photo: Saad Abdullah

Utilising waterways: When common home-goers show the way

1d | Panorama

More Videos from TBS

Cannes Film Festival 2022 resumes after 2 years

Cannes Film Festival 2022 resumes after 2 years

13h | Videos
Pension is coming for all

Pension is coming for all

13h | Videos
Bakery business in crisis for increased raw material prices

Bakery business in crisis for increased raw material prices

14h | Videos
Foods that have the most protein

Foods that have the most protein

14h | Videos

Most Read

1
Representative Photo: Pixabay.
Bangladesh

Microplastics found in 5 local sugar brands

2
Mushfiq Mobarak. Photo: Noor-A-Alam
Panorama

Meet the Yale professor who anchors his research in Bangladesh and scales up interventions globally

3
The story of Bangladesh becoming a major bicycle exporter
Industry

The story of Bangladesh becoming a major bicycle exporter

4
How Bangladesh can achieve edible oil self-sufficiency with local alternatives
Bazaar

How Bangladesh can achieve edible oil self-sufficiency with local alternatives

5
Govt tightens belt to relieve reserve
Economy

Govt tightens belt to relieve reserve

6
PK Halder: How a scamster rose from humble beginnings to a Tk11,000cr empire
Crime

PK Halder: How a scamster rose from humble beginnings to a Tk11,000cr empire

The Business Standard
Top
  • Home
  • Entertainment
  • Sports
  • About Us
  • Bangladesh
  • International
  • Privacy Policy
  • Comment Policy
  • Contact Us
  • Economy
  • Sitemap
  • RSS

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net

Copyright © 2022 THE BUSINESS STANDARD All rights reserved. Technical Partner: RSI Lab