Inflation, delivery problems and the Ukraine war weigh on the US economy shrinking in the first quarter. Vitesco wants to cut more than half of the jobs in Nuremberg. Western allies have frozen Russian assets worth billions. German HICP inflation unexpectedly fell in June. Bayer: Research center opened in Boston. EssilorLuxottica appoints CEO Milleri as new Chairman.
Of the DAX started the day at a discount of 1.07 percent at 13,089.99 points and then extends its losses, at times falling below the psychologically important 13,000 point mark. Of the TecDAX was also seen at the start of trading with a negative trend (-0.86 percent) at 2,925.27 points. It also slides deeper into the red as the day progresses.
Worries about a recession are once again dominating the market. The index for US consumer confidence fell in June to its lowest level since February 2021 and Credit Suisse revised its growth outlook, which is now “on the cliff of recession”, as the German Press Agency quotes the experts.
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Of the EURO STOXX 50 fell 0.4 percent to 3,534.82 points at the start of the stock exchange. After that it goes downhill too.
The day before, the index for US consumer confidence in June fell to its lowest level since February 2021. Accordingly, market participants now assume that the US Federal Reserve will stick to its tight bid policy. However, this could spell a recession.
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Of the Dow Jones shows little movement before the market. The tech-heavy one NASDAQ Composite should give something.
The dwindling consumer confidence published the day before has investors worried that the US could slide into a recession because they fear that the US Federal Reserve is taking too much countermeasures with its interest rate hikes in the fight against inflation and could thus further stall the economy. “Central banks walk a very fine line and to some extent dictate market sentiment,” said equity strategist Emmanuel Cau of British bank Barclays, according to the German Press Agency. “It appears the market is in a tug-of-war between hope that we are nearing the peak of inflation and interest rates and the challenge of a slowing economy and a possible recession.”
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The leading Japanese index lost in Tokyo Nikkei ultimately 0.91 percent to 26,804.60 points.
In mainland China, the Shanghai Composite meanwhile a minus of 1.4 percent to 3,361.52 points. Of the hang seng Hong Kong, meanwhile, lost 1.88 percent to 21,996.89 jobs.
The stock exchanges in Asia were based on the weak US specifications on Wednesday. Recession and inflation concerns continued to determine events. In addition, traders said that the easing of corona restrictions does not mean a shift away from the zero-COVID strategy. At best, it is a question of symbolic politics.
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