New York (AP) — Wall Street fell before the market opened on Friday after a fall in Europe as oil prices exceeded $ 100 a barrel.
S & P 500 futures fell 0.7% and the Dow Jones Industrial Average fell 0.6%. This is because investors have taken into account the intensification of the war in Ukraine, rising interest rates and the surge in COVID-19 cases in China and Europe.
Ukrainian President Volodymyr Zelensky sought further support for his country a few days after the bombing of civilian sites in multiple cities.
The White House said President Joe Biden will discuss “controlling competition between the two countries, Russia’s war with Ukraine, and other issues of mutual concern” with Chinese President Xi Jinping on Friday.
In the noon transaction, Germany’s DAX fell 1.7%, Paris’ CAC 40 fell 1.5%, and the UK’s FTSE 100 fell 0.8%.
To conclude the two-day meeting, the Bank of Japan chose not to change its monetary policy with a benchmark interest rate of minus 0.1%. Japan’s central bank is trying to keep interest rates at ultra-low levels and send tens of billions of dollars to the world’s third-largest economy to drive faster growth.
Tokyo’s Nikkei 225 Index rose 0.7% to 26,827.43 and Sydney’s S & P / ASX 200 rose 0.6% to 7,294.40.
Hong Kong’s Hansen index fell 0.4% to 21,412,40 after a two-day barrel rise after Chinese leaders promised to provide further support for the economy and markets, with Beijing tech companies and real estate. It suggests that it may ease crackdowns on companies.
The Shanghai Composite Index rose 1.1% to 3,251.07.
On Thursday, Wall Street saw the S & P 500 rise 1.2%, the Dow Jones Industrial Average rose 1.2%, and technology-intensive Nasdaq rose 1.3%. It is progressing at the pace of the largest weekly profit in over a year.
The stocks of small companies have surpassed the wider market. The Russell 2000 Index soared 1.7%.
Russia’s invasion of Ukraine, high interest rates from central banks around the world, and new COVID-19 concerns at various hotspots will help investors handicap what happens to the economy and the already high inflation of the world. Due to the struggle with the market, big fluctuations in the market are commonplace.
The latest rise in Wall Street was what Wall Street had been expecting for months after the Federal Reserve raised key interest rates for the first time since 2018 on Wednesday.
Electronic trading on the New York Mercantile Exchange saw a barrel of US crude rise from $ 1.02 to $ 104 per barrel. It surged 8.4% on Thursday and settled at $ 102.98.
Brent crude, an international price standard, has added 76 cents to $ 107.40 per barrel in London. The day before, it jumped 8.8% and settled at $ 106.64 per barrel.
Prices pay attention to doubts about both supply and demand for oil. After temporarily surpassing $ 130 at the beginning of last week, the barrel of US crude on Wednesday fell to nearly $ 94 a barrel.
However, reports of Russia’s sale of crude oil to India and a clear setback in peace talks between Ukraine and Russia renewed concerns about possible supply shortages.
When asked about reports that India was buying oil from Russia at a discounted price, India’s Foreign Ministry spokesman Arindam Baguchi did not confirm or deny them directly.
“India imports most of its oil demand,” Bagchi said. “We are exploring all the possibilities in the global energy market. I don’t think Russia is a major oil supplier to India.”
He also said that European countries are importing oil from Russia.
The dribbling of news about the state of negotiations between Russia and Ukraine has caused many of the sharp reversals. Too recently, there are concerns about China’s economic closure due to a surge in COVID-19 infections that could hurt energy demand.
The Chinese government said Thursday that it would allow companies in Shenzhen, its main business center, to reopen while efforts to contain the coronavirus outbreak are underway. Their previous closure has upset financial markets.
A wave of more than expected reports on the US economy on Thursday may have helped the market. Few workers applied for unemployment benefits last week, and builders started building more homes last month than economists expected.
In other transactions, 10-year Treasury yields fell from 2.20% in the second half of Thursday to 2.14%.
The dollar rose from 118.60 yen to 119.04 yen. The euro fell from $ 1.1092 to $ 1.1040.
Contributed by Associated Press writer Ashok Sharma in New Delhi.
Wall Street futures fall after oil above $ 100 – Daily Local
Source link Wall Street futures fall after oil above $ 100 – Daily Local