ASX futures are pointing to opening loss; Wall St ends higher after initial slide; commodities hit by China concerns. $A falls below US72¢. Follow updates here.
European stocks tumbled to the lowest in six weeks as global risk-off sentiment swelled on concerns over a more aggressive Federal Reserve and the spread of COVID-19 in China, outweighing optimism over French President Emmanuel Macron’s election victory.
European equities have been under pressure this year on monetary tightening concerns and as the war in Ukraine led to a surge in commodities, fuelling inflation fears. China locked down some areas of Beijing and ordered mandatory COVID-19 testing in a district, further weighing on the sentiment. Separately, European investors are bracing for this year’s busiest week of the earnings season.
Macron’s margin of victory over nationalist leader Marine Le Pen in Sunday’s runoff was nearly half of what it was the last time the pair faced off. Still, the win for Macron, who is viewed as more business-friendly than Le Pen, could provide stocks with another leg up after French equities outperformed other European markets during his first term.
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