US stocks drop, extending a losing streak | Financial Markets News

The S&P 500 has fallen about 15 p.c this 12 months.  

By Bloomberg

Shares dropped amid concern over how a lot the Federal Reserve must increase charges to tame decades-high inflation with out throwing the economic system right into a recession.

Merchants might be intently watching a number of central financial institution audio system this week after Chair Jerome Powell on Wednesday performed down the choice of a 75 basis-point fee hike. Federal Reserve Financial institution of Atlanta President Raphael Bostic informed Bloomberg Tv he favors coverage makers persevering with to lift charges by half-point increments slightly than doing something bigger. Meantime, his Minneapolis counterpart Neel Kashkari stated he’s assured officers will carry inflation down.

The S&P 500 traded close to its lowest degree in a 12 months. The hole between five- and 30-year charges grew to the widest in simply over six weeks as long-dated bonds got here beneath strain. Two-year notes — probably the most delicate to imminent modifications in coverage — rallied, with yields tumbling. The greenback superior.

The outlook for U.S. shares isn’t significantly vibrant, even when an outright recession is prevented, in response to Goldman Sachs Group Inc. strategists. The S&P 500 has fallen about 15% this 12 months as excessive inflation readings, a slowing economic system and aggressive tightening by the Fed have weighed on threat urge for food and valuations.

Listed below are key occasions to observe this week:

  • Cleveland Fed President Loretta Mester, Atlanta Fed President Raphael Bostic, New York Fed President John Williams, Fed Governor Christopher Waller converse, Tuesday
  • Atlanta Fed President Raphael Bostic speaks, Wednesday
  • U.S. CPI, WednesdayEIA crude oil stock report, Wednesday
  • San Francisco Fed President Mary Daly speaks, Thursday
  • U.S. PPI, preliminary jobless claims, Thursday
  • College of Michigan client sentiment, Friday

A few of the principal strikes in markets:

Shares

  • The S&P 500 fell 1.5% as of 9:31 a.m. New York time
  • The Nasdaq 100 fell 1.7%
  • The Dow Jones Industrial Common fell 1.3%
  • The Stoxx Europe 600 fell 1.8%
  • The MSCI World index fell 1.6%

Currencies

  • The Bloomberg Greenback Spot Index rose 0.3%
  • The euro was little modified at $1.0542
  • The British pound was unchanged at $1.2348
  • The Japanese yen fell 0.2% to 130.76 per greenback

Bonds

  • The yield on 10-year Treasuries was little modified at 3.12%
  • Germany’s 10-year yield was little modified at 1.13%
  • Britain’s 10-year yield was little modified at 1.99%

Commodities

  • West Texas Intermediate crude fell 2.3% to $107.26 a barrel
  • Gold futures fell 0.8% to $1,866.90 an oz.

–With help from Sunil Jagtiani, Srinivasan Sivabalan, John Viljoen and Vildana Hajric.

Polls open in the Philippines as voters elect a new president | Elections News

High contenders in Monday’s vote are Ferdinand Marcos Jr, the son and namesake of the Philippines’ late dictator, and the present Vice President Leni Robredo.

Naga Metropolis, Philippines – Thousands and thousands of Filipinos have begun voting to decide on a brand new president in an election that pits the son of the Philippines’ late dictator in opposition to a human rights lawyer.

Polls opened throughout the Southeast Asian nation at 6:00am on Monday (22:00GMT on Sunday), with  a document breaking 67 million individuals anticipated to solid their ballots.

Elections Commissioner George Garcia instructed reporters that he anticipated an enormous turnout.

“It’s a historic election, a really memorable one, just because we’d be electing, at the least in a pandemic state of affairs, a brand new president and that’s why we’re anticipating a excessive turnout of voters,” he stated earlier than the polls opened.

Voting will finish at 7pm (11:00 GMT), with polling hours prolonged due to the coronavirus pandemic and the necessity to keep away from queues and crowds.

Counting of ballots will start instantly and the winner could possibly be identified inside a number of hours because the candidate with essentially the most votes wins the election.

Presidential aspirant Ferdinand "Bongbong" Marcos Jr., the son and namesake of the late dictator, casts his vote in the 2022 national elections at Mariano Marcos Memorial Elementary School, in Batac, Ilocos Norte,
Ferdinand “Bongbong” Marcos Jr, proper, casts his vote within the 2022 nationwide elections at Mariano Marcos Memorial Elementary Faculty, in Batac, Ilocos Norte, Philippines, Might 9, 2022 [Eloisa Lopez/ Reuters]

There might be no second spherical.

Analysts have described Monday’s vote as essentially the most vital election in current Philippine historical past as the end result might lead to both democratic backsliding or liberal reforms.

The competition has formed right into a two-way race between Ferdinand “Bongbong” Marcos Jr and the present Vice President Leni Robredo. The pair had beforehand confronted off within the vice presidential race in 2016, with Marcos dropping to Robredo on the time.

However opinion surveys recommend Marcos will win the vote this time. He’s the son and namesake of his father who dominated the Philippines as a dictator till he was pressured from workplace and into exile in a well-liked rebellion in 1986.

Robredo, a lawyer who heads the opposition, has promised a extra clear authorities and to reinvigorate the nation’s democracy.

“This election is known as a good versus evil marketing campaign,” College of the Philippines Diliman political scientist Aries Arugay instructed Al Jazeera. “It’s fairly clear. [Marcos] represents dynasty, autocracy and impunity. Robredo stands for the other of that: integrity, accountability and democracy.”

Marcos’ operating mate within the election is the outgoing president’s daughter, Sara Duterte-Carpio. She is main the race for the vice-presidency, an election that’s held individually.

In Naga Metropolis in Southern Luzon province, polling opened with a prayer.

“Vote counting machine, please be good to us,” an election official stated as she prayed earlier than beginning the machine that might be used to document and transmit the ballots.

Then, a bell rang to sign the opening of polls and the voters began coming in.

Outdoors the polling station, Maria Fe Cortes, 51, patiently waited in line for her flip.

“I’m voting for change. I hope the following president will assist the poor,” Cortes instructed Al Jazeera.