NASDAQ tumbles to its lowest in two years

While US Stock indices performed badly on Monday, the Asian markets did not inspire confidence in the early hours of Tuesday either. Reportedly, Tokyo stock exchange's benchmark Nikkei 225 index dropped 405.44 points in the early trade to settle at 26,710.67 - a decline of 1.5 per cent. 

NASDAQ chalked a disappointing run at the Wall Street by closing at its lowest level in two years. The stock index closed at 10,542.10, down 1.04 per cent, hitting its lowest since July 2020. S&P 500 fell 0.75 per cent to 3,612.39 while Dow closed at 29,202.88 after losing 93.91 points

Less than 10 days after taking a U-turn on her 45 per cent tax cut proposal for the rich, UK Prime Minister Liz Truss is expected to announce another volta face, per a report by The Guardian.

Click here to read more:

Charles Evans, Chicago Federal Reserve president on Monday said that the central bank had lowering inflation as its number one priority, even if it came at the cost of people losing jobs. 

“Ultimately, inflation is the most important thing to get under control. That’s job-one," said Evans before adding, "If unemployment goes up, that’s unfortunate. If it goes up a lot, that’s really very difficult. But price stability makes the future better.”

JPMorgan Chase & Co Chief Executive Jamie Dimon said the United States and the global economy could tip into a recession by the middle of the next year, CNBC reported on Monday.

US Treasury Secretary Janet Yellen has brushed off worries that the soaring US dollar is unbalancing markets, as countries rush to defend their currencies or face the risk of a debt crisis.

International Monetary Fund (IMF) Managing Director Kristalina Georgieva said that one-third of the global economy will experience negative growth for two straight quarters, at least, in 2022 and 2023.

UK Finance Minister Kwasi Kwarteng has brought forward a report from the government's independent fiscal watchdog as he bowed to pressure. Though the analysis by the Office for Budget Responsibility (ORB) was delivered to the Treasury past week, the Chancellor earlier said that it would not be released until November 23.

Top diplomat of the European Union – Josep Borrell – said that the worldwide rush to increase interest rates may end up in resulting in global recession. 

The amount of commercial bank cash held overnight with the Swiss National Bank fell by 30 billion Swiss francs ($30.07 billion) last week, data on Monday showed, illustrating how the central bank is tightening monetary policy by reducing market liquidity.

The London Stock Exchange has become the first major bourse to set listing rules for companies that finance carbon reduction projects, as part of efforts to grow the market and make it more transparent, the chief executive told Reuters. 
 

Multiple missile have struck Dnipro in southeastern Ukraine, regional authorities said.  Governor of Dnipropetrovsk Region said 18 missiles were fired at the city targetting infrastructure, including civilian buildings.

China's central bank extended its bilateral currency swaps with European Central Bank, worth 350 billion yuan or 45 billion euros, according to a statement published on the Chinese central bank's website on Monday.

Amazon said it will invest close to $1 billion over the next five years in electric vans, trucks and low-emission package hubs across Europe, accelerating its drive to achieve net-zero carbon

Asia's imports of crude oil recovered in September as the region brought in 26.58 million barrels per day (bpd) of crude in September, up from 24.90 million bpd in August, according to data compiled by Refinitiv Oil Research.

The Bank of England said it was ready to double the daily limit of its bond-buying programme from 5 billion pounds to 10 billion pounds. It hopes its actions will ensure an “orderly end” to the scheme expiring on Friday, which was launched to calm markets after the government’s unfunded spending plans sparked a selloff in government debt.

Due to the Europe-wide energy crisis, Berlin’s annual Festival of Lights has reduced the number of illuminated venues from 60 to 35, compared to last year

The air cargo industry should expect more danger ahead as rates and volumes continue to slide. September saw rates drop 19% year on year out of Hong Kong to North America, while out of Shanghai they fell 42%, according to the TAC Index.

Ben S. Bernanke, Douglas W. Diamond, and Philip H. Dybvig were awarded the 2022 Nobel Prize in economics. The trio won the prestigious award for their research on banks and financial crises. 

After the bridge connecting Crimea and Russia suffered a major hit and multiple strikes were reported across Ukraine, the Moscow stock exchange as it opened on Monday suffered a 12 per cent fall in the first few minutes of trading.

The benchmark ruble-denominated MOEX index dropped 11.9 percent to 1,780.39 points at 0703 GMT, briefly falling below the 1,800 mark for the first time since Moscow sent troops to Ukraine on February 24, reports AFP.

As per Reuters poll, due to rising food prices, India's retail inflation has accelerated to a five month high of 7.30 per cent in September this year. 

Due to errat8ci rainfall and shortage of supply due to ongoing Russia-Ukraine conflict, the food prices have increased over the past two years.

On Monday, gold prices hit a one-week low as positive US jobs data raised hopes that the Federal Reserve will continue to raise interest rates.

After falling to its lowest level since October 3, spot gold was down 0.5 per cent at $1,686.55 per ounce, as of 0623 GMT. 

At $1,695.70, U.S. gold futures were down 0.8 per cent.

"Gold prices are taking their cue from the build-up in rate-hike expectations from last week, brought on by the hotter-than-expected U.S. job report," said IG market strategist Yeap Jun Rong, who also noted that for the time being, gold prices appear to be locked in a downward trend.

In its statement on Monday, the French central bank said that the country's economy increased by 0.25 per cent in the third quarter compared to the prior three months. 

The central bank revised its previous 0.3 per cent low citing weak industrial activity as the reason for change. 

Indian billionaire Gautam Adani is reportedly planning to raise at least $10 billion to fund its expansion into clean energy, ports and cement businesses.

According to Mint newspaper, Adani is in talks with Singapore investment firms Temasek and GIC, among other ot meet his investnment plans.

Last month, Adani Group had pledged to invest more than $100 billion over the next decade, especially in the energy transition business.

The India rupee fell to an all-time low of 82.69 against the US dollar in early trade on Monday as elevated crude oil prices and risk-averse sentiment among investors weighed on the local unit.

At the interbank foreign exchange, the rupee opened at 82.68 against the greenback, then slipped further to 82.69, registering a fall of 39 paise over its previous close

Equity benchmark indices fell sharply in early trade on Monday, with the Sensex falling 826 points amid a weak trend in global markets.

The 30-share BSE benchmark tumbled 825.61 points to 57,365.68. The broader NSE Nifty fell 249.95 points to 17,064.70.

Among the 30-share Sensex pack, Asian Paints, HDFC, HDFC Bank, Tata Steel, Nestle and Hindustan Unilever were the biggest laggards.

Shares of China’s biggest chipmaker SMIC sank in Hong Kong stock market after US announced new export control measures that seeks to cut off Beijing’s ability to buy and manufacture high-end chips used in military equipment.

SMIC’s stock fell as much as 5.23 per cent before recovering slightly. It last traded 2.91 per cent lower.

The Philippines' energy ministry on Monday warned that country's power supply might get affected from next year as some hydro plants have been unable to deliver electricity.

Addressing a forum organised by the Economic Journalists Association of the Philippines, Energy Secretary Raphael Lotilla said they are planning to ramp up use of renewable sources of energy, hoping that it might help ease the impact of high fuel prices.

Despite the country running power surplus for the rest of the year, the official did not rule out power outages saying that reserves are thin.

"In 2023 the situation is a bit difficult especially in the summer months. The scenario...shows several yellow alerts and possible red alerts in 2023," he said.

Red alerts are issued when supply is insufficient to meet demand.

Asian stocks sank on Monday following robust hiring in US, quashing hopes of a tight monetary policy. 

Inflation is also expected to see core prices move higher again.

Moreover, the latest attack on Crimea bridge connecting Russia raised geopolitical tensions and as a result, the markets remained volatile as world awaits Moscow's response.

Week-long holdiay in Japan and South Korea saw little trading in Asian markets, while the Treasury market is shut on Monday.

S&P 500 futures led the early action with a drop of 0.5 per cent, while Nasdaq futures fell 0.6 per cent as US earnings season kicks off later this week.

Hong Kong stocks opened with losses on Monday after robust US jobs data dampened hopes of a slowdown in the world's top economy as specualations arose of another massive Federal Reserve interest rate hike.

The Hang Seng Index shed 1.64 per cent, or 290.69 points, to 17,449.36, according to AFP.

The Shanghai Composite Index had a modest rise of 0.08 per cent, or 2.54 points, to 3,026.94 as week-long break ended.

China's second exchange the Shenzhen Composite Index on added 0.13 per cent, or 2.48 points, to 1,914.47.