August looks anxious already - as stock markets take fright at Big Tech earnings and start to reconsider 'hard landing' scenarios for the world economy just ...
August looks anxious already - as stock markets take fright at Big Tech earnings and start to reconsider 'hard landing' scenarios for the world economy just as central banks ease and bond yields plummet.
With the Bank of England joining G7 peers in starting its rate cut cycle on Thursday too, markets are starting to price the possibility that a September Fed rate cut could be as much as 50 basis points. Some 32bps of cuts are now priced for that month and 85bps over the remainder of the year. Intel dropped about 20% overnight on its miss, dividend suspension and job cuts in what would be its worst day since the 2000 dot.com bubble burst. Taiwan chip giant TSMC lost almost 6%.
China, at the heart of the brewing global industrial slowdown after news that its factory sector contracted again in July, saw its stocks drop more than 1%. European stocks were also off about 1%. * Richmond Federal Reserve President Thomas Barkin speaks; Bank of England Chief Economist Huw Pill speaks
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