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Masstown farmer launches pumpkins over a kilometre for charity | SaltWire - Escalating tension in the Middle East and surging U.S. bond yields set financial markets up for more turbulence, exacerbated by high oil prices and China's property pain.
Market reaction has been relatively modest with Wall Street's so-called fear gauge, the VIX index, showing investors are not as nervous as they were when Russia invaded Ukraine last year - at least, not yet. The"flash" manufacturing and service sector activity surveys in coming days could add to uncertainty if they point to economic weakness.The European Central Bank, meeting on Thursday, will likely have one eye on the potential for conflict in the Middle East to disrupt dis-inflationary trends and the other on a weakening economy.
Microsoft and Alphabet results are due on Tuesday, Meta Platforms, on Wednesday, and Amazon on Thursday. Those stocks along with Apple, Nvidia and Tesla combined have accounted for the bulk of the S&P 500's 11% year-to-date gain, so any results disappointment could have broad fallout. Making up a quarter of the world's No. 2 economy, property turmoil threatens China's 5% growth target - even after a consensus-smashing 4.9% quarterly expansion.A lot of what's happening is hidden from view: A default deadline for Country Garden's debt passed in silence, and the property developer was forced to deny its founder and his daughter had fled China.
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