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    Home » Stock falls, resulting of poor earnings and bleak economic data
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    Stock falls, resulting of poor earnings and bleak economic data

    May 25, 2022Updated:September 16, 20222 Mins Read18 Views
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    The stock fell globally on Tuesday as supply chain issues and rising costs hurt corporate earnings and manufacturing output slowed. While Treasury yields fell as equities fell reviving a safe-haven bid for US government debt.

    MAY 24 (Reuters) – NEW YORK/LONDON

    The stock market’s two-day relief rally came to an end as investors became concerned about slowing economies. Corporate profit margins have been slashed as rising inflation has forced consumers to reduce discretionary spending.

    In May, business activity in the United States and the eurozone slowed. The decline in S&P Global’s U.S. Composite PMI Output was attributed to “elevated inflationary pressures, further deterioration in supplier delivery times, and weaker demand growth.”

    According to David Petrosinelli, senior trader at InspereX. The economy will likely suffer as the Federal Reserve raises interest rates to combat inflation.

    A day after Snapchat parent Snap Inc (SNAP.N) said the U.S. economy deteriorated faster than expected in April. Abercrombie & Fitch Co (ANF.N) said it will face headwinds until at least year-end due to rising freight and raw material prices.

    In Europe, all major sectors fell sharply with luxury stocks and retailers leading the way.

    Christine Lagarde, the head of the European Central Bank. Predicting the ECB’s deposit rate would be zero or “slightly above” zero by the end of September. Implying an increase of at least 50 basis points from current level as the bank fights inflation.

    “It has raised concerns in global markets about the possibility of the ECB acting more aggressively.”

    “Some hawks on the governing council thought her comments yesterday. Seem to rule out a 50 bps hike but her remarks today appeared to leave that on the table.”

    Phil Shaw, chief economist at Investec in London.

    Germany’s 10-year Bund yield fell 9 basis points to 0.959%. While Treasury yields fell to one-month lows, with yields on benchmark 10-year. Treasury notes dropping 9.8 basis points to 2.76%.

    The US dollar index fell to a nearly one-month low after Lagarde’s comments boosted the euro.

    The dollar index dropped 0.362% while the euro gained 0.39 percent to $1.0731.


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    Read more: Stocks

    Source: Reuters

    Stocks
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