The Japanese Yen soared as the Dow Jones cratered on Wall Street as the bear market rally unwound. More pain may be ahead in Asia, leaving the ASX 200 and Nikkei 225 at risk.
street, how are markets in europe looking right now? not looking great, rosemary. this was the sharpest sell-off on wall street. it came after a bit of a rebound on tuesday. clearly that was a bear market rally, i e it wasn t very long lived. and i don t think we ve hit the bottom of that big sell-off that we ve been seeing. in asia they took wall street s lead. they were all lower earlier. i think the shanghai composite has made some gain since then. it s trading rather flat. europe also trading lower today. yesterday s sell-off was really sparked by an earnings report out of the retailer target. a 52% drop in profits for the first quarter really shocked the market there and also their reasons for it because they talked about supply chain issues. but they also talked about costs, high costs for labor, for fuel, for freight. also consumers spending less for nonessential items. so the big ticket items they are not buying right now as a result of inflation. and now for weeks and weeks,
car, with the supply chain shortages even the price of used cars has skyrocketed. in california, gas prices have hit $6 a gallon this week and experts warn that could be the national average before the summer is out. aaa has the current gas average at just a little over $4.50 today. the cost of groceries are up as well with milk, eggs and cheese costing more, whole milk went up 15% last month compared to last year. business leaders expect things to get worse as well. 68% of ceos say the fed s quest to keep inflation at bay will eventually trigger a recession. anna is with us. that is depressing. all of this is rather depressing. and this is after we had a high day on wall street on tuesday, continues out that was just a bear market rally. clearly did the turndownturn ha further to go.