Asia Stocks Fall on Growth Concerns, China Selloff: Markets Wrap

(Bloomberg) -- U.S. stock-index futures fell and the dollar extended a rally as faltering growth and China’s regulatory curbs compounded risks before the Federal Reserve’s Jackson Hole symposium next week. Equity markets around the world were broadly in the red for another day. Hong Kong’s benchmark stock index entered a bear market and Europe’s Stoxx 600 Index was on track for the biggest weekly loss since February. S&P 500 futures lost 0.4%. Investors sought the safety of haven assets, with the dollar rising for a fifth day, its longest winning streak in two months. Treasury yields fell and gold climbed. “The delta variant of Covid is significantly more serious than anyone is really even pricing into the market,” Hilary Kramer, chief investment officer at Kramer Capital Research, said on Bloomberg Television. “We know that tapering is coming. We know that the market is getting tired.” With virus cases surging around the world, there’s speculation that economic growth could lose momentum just as central banks pare back their support measures. U.K. retail sales fell unexpectedly last month and major employers are delaying plans to bring workers back into the office. Analysts also cautioned that options expiring in the U.S. on Friday may fuel market volatility. Asian markets have been hammered this week by China’s tougher enforcement actions. The Hang Seng Index fell 1.8% on Friday, taking losses from its recent Feb. 17 peak to more than 20%. That extended its weekly loss to 5.8%, the worst showing since March 2020. Internet bellwether Alibaba’s shares hit a record low in Hong Kong this week and Tencent Holdings Ltd. warned the industry to prepare for more regulations including substantial changes to how companies use data for advertising. In Europe, losses were milder. Marks & Spencer Group Plc shares surged after raising its profit forecast. Wm Morrison Supermarkets Plc rallied almost 5% in London as a bidding war for Britain’s fourth-largest grocer intensifies. In the U.S. pre-market, Moderna Inc. fell after The Washington Post reported that health officials were investigating reports the company’s vaccine may be linked to higher risk of a heart condition than previously thought. Ross Stores Inc. slid 4.4% after its guidance disappointed Wall Street. Crude oil declined, with West Texas Intermediate futures heading for the longest losing streak since 2019, as concerns mounted about global demand. Bitcoin rose close to $47,000. For more market analysis read our MLIV blog. Some of the main moves in markets: Stocks Futures on the S&P 500 fell 0.4% as of 8:13 a.m. New York time Futures on the Nasdaq 100 were little changed Futures on the Dow Jones Industrial Average fell 0.4% The Stoxx Europe 600 fell 0.2% The MSCI World index fell 0.3% Currencies The Bloomberg Dollar Spot Index rose 0.2% The euro was little changed at $1.1670 The British pound fell 0.2% to $1.3611 The Japanese yen was little changed at 109.66 per dollar Bonds The yield on 10-year Treasuries declined two basis points to 1.23% Germany’s 10-year yield was little changed at -0.50% Britain’s 10-year yield declined two basis points to 0.51% Commodities West Texas Intermediate crude fell 1.6% to $62.66 a barrel Gold futures rose 0.3% to $1,787.60 an ounce ©2021 Bloomberg L.P.

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