US markets are down overnight for the third straight day as concerns for global recession mount with more US Fed officials taking a hawkish stance after new economic data pointed to a tight labour market. European markets fell from ECB Christine Lagarde’s comments at Davos and the Yen appreciates against the greenback following BoJ’s policy decision the previous day.
The Dow Jones closed down 252 points (-0.76%). At best it was down 69, and at worst it was down 315. The S&P 500 fell 0.77%, and the NASDAQ was down -0.96%. In Europe, STOXX 50 -1.9% FTSE -1.1% CAC -1.9% DAX -1.7%. SPI Futures are down one point (-0.01%).
Commodity prices dropped overnight, with Copper down 0.5% due to declining short-term demand. China's Lunar New Year celebrations and slowing economies in the West are pushing metal prices lower. Lead down 2%, Tin down 1.2%. Aluminium dropped 1.7% as smelters possibly begin reopening after temporarily shutting down due to high energy costs, increasing supply. Zinc is up 0.7%, Nickel is up 5.8%, Gold is up 1.1% with no clear reason. Brent Oil and WTI are up 1.77% and 0.98% due to demand speculation.
Catch up on all the latest with Henry Jennings on today’s Pre-Market Podcast.
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