Shares have slipped in Europe and Asia after benchmarks on Wall Street took their biggest hit in four weeks as investors registered disappointment over an inflation reading that came in hotter than expected.
People walk past the New York Stock Exchange on Wednesday, June 29, 2022 in New York. Stocks are opening lower across the board on Wall Street, Tuesday, July 5, and crude oil prices are dropping again. Treasury yields also fell as traders continued to worry about the state of the economy – Wall Street is poised to extend its slide Friday, one day after U.S. markets suffered their biggest drop in a month on anFutures for the Dow Jones industrials slid 0.5% and the S&P 500 dipped 0.7%.
“Continued strength in the inflation data suggests the Fed’s work is still not finished, and risks of a longer cycle are rising,” Stephen Innes of SPI Asset Management said in a report. Hong Kong's Hang Seng lost 1.3% to 20,836.08. Losses were amplified by news that a major tech industry dealmaker,Shares in one of China’s top investment banks, China Renaissance, plunged Friday after the company said in a filing to Hong Kong's stock exchange that it had lost touch with Bao, its founder. Bao’s disappearance follows a crackdown on technology companies in the past two years that officials in China said had been wrapped up.
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