World stocks and oil prices fell on Monday as fresh COVID-19 restrictions in China exacerbated worries about the global economic outlook. | Reuters
This sent major European bourses downhill, with markets in London, Frankfurt and Paris all opening weaker, while S&P 500 futures and Nasdaq futures slipped 0.5 percent.The U.S. Thanksgiving holiday on Thursday combined with the distraction of the soccer World Cup could make for thin trading, while Black Friday sales will offer an insight into how consumers are faring and the outlook for retail stocks.
“The other thing to bear in mind is that we have a had a strong rally, so there is a feeling of need to take stock of where we are.” Two-year Treasury yields were last up 3 bps on the day at 4.53 percent, while 10-year yields were 2 bps higher at 3.84 percent. Meanwhile, turmoil in cryptocurrencies continued with the FTX exchange, which has filed for U.S. bankruptcy court protection, saying it owes its 50 biggest creditors nearly $3.1 billion.
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