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Entrepreneur
Kurra Bewarse
Username: Entrepreneur

Post Number: 3835
Registered: 05-2011

Rating: N/A
Votes: 0

Posted on Monday, December 20, 2021 - 9:05 am:   

World markets take an early punch to the gut

The global equity markets are under heavy pressure. The weakness comes from all directions including ramped up lockdowns across the globe and reports that Senator Joe Manchin (D-WV) will not support the Build Back Better Act which means the legislation can not pass the Senate. S&P Futures are down about 54 points to trade around the 4556 area. Sellers stepped in right upon last night's open. The high print of 4621.50 was established within the first few minutes of trading. Selling was steady throughout the session with the low residing at 4526.25.
In Asia, both China and Japan took hits. The Shanghai struggled despite the PBOC cutting its benchmark rate to 3.80%, down from 3.85%. This was the first reduction in 20 months. In Japan, the Nikkei fell over 2%. There were very few winners on this day but Nintendo managed to buck the tone with a better than 1% gain.
In Europe, the major bourses are all lower by more than 1%. Many regions have instituted new lockdown measures, with the Netherlands touting the tightest. The UK is mulling similar actions. Germany, France and Austria also imposed new travel restrictions. The news has dampened sentiment, taking its toll on the markets. Energy names are outpacing the benchmarks lower. Shell and BP are down by 3-4% with Crude oil futures trading back near the $68 level.

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