- Crude stable after Israel-Iran surge, Hong Kong stocks resume gains
- Hera spacecraft to probe asteroid deflected by defence test
- US dockworkers to head back to work after tentative deal
- After Helene's destruction, North Carolina starts to rebuild
- Dockers end three-day strike at Montreal port
- What next for OpenAI after $157 billion bonanza?
- Israel-Hamas war causes 86-percent dive in Gaza GDP: IMF
- Milan's Morata moves house after Inter-fan town mayor 'violates' privacy
- 'Devastating' storm hits Augusta National but Masters will go on
- Relief in Brazil, Asia over delay to EU deforestation rules
- Oil prices jump, stocks fall on Middle East tensions
- Biden says 'discussing' possible Israeli strikes on Iran oil facilities
- Oil prices rise, stocks fall on Middle East tensions
- Oil rallies, stocks mostly retreat on Middle East tensions
- Phasing out teen smoking could save 1.2 mn lives: study
- 'Welcome relief': Asia producers hail EU deforestation law delay
- Japan PM slated to announce plans for 'happiness index'
- Turkish inflation falls less than expected in September at 49.4%
- Easing inflation lifts profit at UK supermarket Tesco
- Skiing calls on UN climate science to combat melting future
- China wine industry looks to breed climate resilience
- Tokyo rallies on weak yen, Hong Kong drops after surge
- Dutch airline KLM unveils 'firm' cost-cutting measures
- Carpe diem: the Costa Rican women turning fish into fashion
- Senegal looks to aquaculture as fish stocks dwindle
- Will AI one day win a Nobel Prize?
- Climate change, economics muddy West's drive to curb Chinese EVs
- Argentina's Milei vetoes university budget after huge protests
- TotalEnergies plans to grow oil and gas production until 2030
- 2024 Nobels offer glimmer of hope as global crises mount
- Tokyo rallies on weak yen, Hong Kong reverses after surge
- Tunisia readies for vote as incumbent Saied eyes victory
- High childcare costs in US weigh on women's employment
- US voters seek help with crushing childcare costs
- Taiwan shuts down for second day as Typhoon Krathon to land
- Supercharged storms: how climate change amplifies cyclones
- Biden official urges talks as US port strike enters second day
- Huge protests in Argentina over public university cuts
- Rally in oil prices loses steam on mixed day for global stocks
- South America treated to rare 'ring of fire' eclipse
- Biden official says port strike deal not as far as parties think
- Mexico's new president offers apology for 1968 student massacre
- Historic funding round values OpenAI at $157 billion
- Mixed US car sales in Q3 as industry hopes for post-election bounce
- Thunderstorms are a 'boiling pot' of gamma rays, scientists find
- Scientists unlock secret of 'Girl With Pearl Earring'
- Dolphins flash friendly grins when they're ready to play
- Facing backlash, EU moves to delay deforestation rules
- US private sector adds more jobs than expected in September: ADP
- Boys out of critical condition after Zurich stabbings
SCS | -1.98% | 12.62 | $ | |
RBGPF | 100% | 58.93 | $ | |
CMSD | -0.16% | 24.89 | $ | |
NGG | -2.7% | 66.97 | $ | |
AZN | -2.12% | 77.93 | $ | |
CMSC | -0.16% | 24.74 | $ | |
GSK | -2.81% | 38.37 | $ | |
RIO | -1.42% | 69.83 | $ | |
RYCEF | 1.15% | 6.98 | $ | |
BTI | -2.45% | 35.11 | $ | |
BCC | -0.9% | 138.29 | $ | |
RELX | -1.46% | 46.61 | $ | |
VOD | -0.52% | 9.69 | $ | |
BCE | -1.77% | 33.84 | $ | |
JRI | -0.6% | 13.3 | $ | |
BP | 0.28% | 32.46 | $ |
Stocks slide as gas prices and inflation erode confidence
Eurozone and US stocks sank on Tuesday on gas supply fears and renewed concerns about the impact of inflation.
In Europe, the natural gas reference price Dutch TTF surged nearly 13 percent to 203 euros ($205) per megawatt hour, one day after Russia's Gazprom said it would cut daily gas deliveries to Europe via the Nord Stream pipeline.
"With no clear timeline for when capacity is likely to increase, the prospect of further uncertainty over gas supplies is weighing on European markets today," CMC Markets analyst Michael Hewson told AFP.
Frankfurt's DAX slumped 0.9 percent while the CAC in Paris shed 0.4 percent.
"The euro is also under pressure as it becomes increasingly apparent that a slowing economy will make it increasingly difficult for the ECB to hike aggressively as we head into the winter months. Good luck raising rates against that sort of backdrop," he added.
It fell by more than one percent to under $1.0120 at one point.
Eurozone bond yields also fell as investors fled to the relative safety of government debt.
Gazprom will cut gas deliveries to 33 million cubic metres a day -- about 20 percent of the pipeline's capacity -- from Wednesday.
That has heightened market worries over supplies during the northern hemisphere winter later this year.
At the same time, European Union member states have reached agreement on how to cut their consumption of gas by 15 percent and reduce their dependence on Russian energy.
Gas prices remain way below the record March peak of 345 euros struck after Russia launched its assault on Ukraine.
EU states have accused Russia of squeezing supplies in retaliation for Western sanctions.
Elsewhere Tuesday, Asian stock markets closed mixed.
Investors welcomed news that e-commerce giant Alibaba would seek a primary listing in Hong Kong, which could pave the way for it to be traded by mainland Chinese investors.
Wall Street stocks slid, with a profit warning by Walmart rattling nerves about the impact of inflation on the economy and interest rates.
The retailer said it expects its earnings per share in its non-standard second quarter, which wraps up at the end of this month, to be down by 8-9 percent with an even bigger reduction next year.
Its shares were down around eight percent in morning trading.
"The basis for Walmart's warning, though, is the real issue for the broader market," said Patrick J. O'Hare at Briefing.com.
The retailer said food and fuel inflation was pushing consumers to defray discretionary spending on general merchandise.
"That is causing concerns about a trickle-down effect to other retailers, as well as suppliers to Walmart, that is weighing on sentiment and earnings expectations," said O'Hare.
He said this was also fanning fears the US Federal Reserve, which began a two-day meeting Tuesday, will pursue aggressive rate hikes to tame inflation despite the risk of pushing the US economy into recession.
The International Monetary Fund also cut its forecast for global growth this year by four-tenths of a point to 3.2 percent surging inflation and severe slowdowns in the United States and China, the world's two largest economies.
IMF chief economist Pierre-Olivier Gourinchas said the United States has only a slim chance of avoiding a downturn.
"The current environment suggest that the likelihood that the US economy can avoid a recession is actually quite narrow," he said as the IMF cut its forecast for US economic growth this year by a drastic 1.4 percentage points to 2.3 percent.
- Key figures at around 1530 GMT -
New York - Dow: DOWN 0.6 percent at 31,798.59 points
EURO STOXX 50: DOWN 0.8 percent at 3,575.36
Frankfurt - DAX: DOWN 0.9 percent at 13,096.93 (close)
Paris - CAC 40: DOWN 0.4 percent at 6,211.45 (close)
London - FTSE 100: FLAT at 7,306.28 (close)
Tokyo - Nikkei 225: DOWN 0.2 percent at 27,655.21 (close)
Hong Kong - Hang Seng Index: UP 1.7 percent at 20,905.88 (close)
Shanghai - Composite: UP 0.8 percent at 3,277.44 (close)
Euro/dollar: DOWN at $1.0122 from $1.0223 Monday
Pound/dollar: DOWN at $1.2024 from $1.2046
Euro/pound: DOWN at 84.20 pence from 84.83 pence
Dollar/yen: DOWN at 136.63 yen from 136.65 yen
Brent North Sea crude: DOWN 0.5 percent at $104.61 per barrel
West Texas Intermediate: DOWN 1.3 percent at $95.43 per barrel
burs-rl/lcm
H.Müller--CPN