Overnight Market Wrap: 5 September 2022

Overnight Market Wrap: 5 September 2022

Key Points:

  • Stocks Drop, Europe Futures Sink on Energy Crunch
  • Russian move to choke gas supply deepens Europe’s power crisis
  • Possible US curbs on China investment may also hit sentiment

European equity futures tumbled and the euro fell Monday as the region’s worsening energy crisis added to concerns about a global economy already facing high inflation and a wave of monetary tightening.

European futures shed more than 3% and US contracts wavered after the worst week for world shares since their June drop to bear-market lows. An Asian equity index was in the red, paced by Japan’s gauges.

The dollar was firm as commodity-linked currencies and the yen joined the euro’s retreat. Crude jumped past $88 a barrel ahead of an OPEC+ meeting on supply and as traders weighed the latest energy-sector twists.

European futures shed more than 3% and US contracts wavered after the worst week for world shares since their June drop to bear-market lows. An Asian equity index was in the red, paced by Japan’s gauges.

There’s no cash Treasuries trading because of the Labor Day break, which also shutters the US stock market. Bonds rose in Australia and New Zealand. 

Markets also face more uncertainty from US-China tension — the Biden administration is considering moves to curb US investment in Chinese technology firms and will allow Trump-era merchandise import tariffs to continue while the levies are reviewed.

In the UK, Conservative Party members are expected to name Liz Truss as their leader, clearing her way to become prime minister. Her plan to “turbo-charge” the economy by slashing taxes is already worrying investors amid double-digit inflation. The British pound weakened against the greenback. 

Elsewhere, Bitcoin hovered near the $20,000 level and gold edged lower.

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