Global Markets Open in Red on Wall Street Soft Close
The global markets open the new week in red following a soft Wall Street close, reflecting uncertainties in the global economy with a negative inflation outlook.
Asian markets are trading in the red this morning, First National Bank (FNb) said in a brief, tracking negative cues from Wall Street’s soft close on Friday.
S&P 500 declined 1.24%, Dow Jones slipped 1.07%, and Nasdaq dropped 1.54% as investors continued to monitor fragile United States (US)-Iran negotiations and rising concerns over surging crude oil prices and their inflationary impact.
The US and Iran continue to engage in truce talks with recent headlines showing that both factions have rejected each other’s latest peace proposals, pushing out expectations for a confirmed resolution between the two nations.
The Hang Seng is down 1.35%, and the Nikkei has given back 0.63% so far. Australia’s ASX 200 index is trading 1.36% lower.
South African stocks tumbled on Friday as escalating Middle East tensions rattled global markets. The All Share Index fell 2.40%, while the Top 40 Index declined 2.59%.
Resources bore the brunt of the selloff, plunging 6.13% as precious metals and general mining stocks retreated sharply. Industrials edged up just 0.12%, while Financials slipped 1.09%, with the banking subsector down 1.30%.
The market’s weakness was compounded by rising oil prices, which fueled inflation concerns. #Global Markets Open in Red on Wall Street Soft Close CBN Closes N2trn OMO Bills Sales with Investors
