{"id":124597,"date":"2021-05-11T10:03:47","date_gmt":"2021-05-11T10:03:47","guid":{"rendered":"https:\/\/precoinnews.com\/?p=124597"},"modified":"2021-05-11T10:03:47","modified_gmt":"2021-05-11T10:03:47","slug":"fangs-and-bats-sell-off-spooks-world-stocks","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/fangs-and-bats-sell-off-spooks-world-stocks\/","title":{"rendered":"FANGS and BATS sell-off spooks world stocks"},"content":{"rendered":"

LONDON (Reuters) – Global stock markets were set for a second day of sharp losses on Tuesday as the combination of inflation worries and an anti-monopoly drive in China sent the world\u2019s mightiest tech giants tumbling.<\/p>

FILE PHOTO: A man wearing a facial mask, following the coronavirus disease (COVID-19) outbreak, stands in front of an electric board showing Nikkei (top in C) and other countries stock index outside a brokerage at a business district in Tokyo, Japan, January 4, 2021. REUTERS\/Kim Kyung-Hoon<\/figcaption>

Europe had touched a record high on Monday but its restart was a sea of red as London\u2019s FTSE, Frankfurt\u2019s DAX and the CAC 40 in Paris all dropped roughly 2%. [.EU]<\/p>\n

Asia\u2019s main regional equity gauges had suffered their biggest slide in nearly two months overnight, with Japan\u2019s Nikkei and Hong Kong\u2019s Hang Seng both closing down 3%.<\/p>\n

With talk of tighter regulation from Beijing, Chinese tech heavyweights Baidu, Alibaba Tencent, collectively dubbed the BATs, all dropped more than 3%. Food delivery major Meituan tumbled as much as 9.8% too, leaving its value $30 billion lower in a week.<\/p>\n

It had followed a 3.6% slump in the U.S. FANG+ index of megacap tech firms on Monday. Electric car pioneer Tesla had skidded 6.4% and Google fell 2.5%. [.N]<\/p>\n

\u201cThe underlying driver is that there is still a rotation out of duration (higher interest rate) sensitive parts of the market and this is why tech stocks are coming under pressure now,\u201d said Mizuho\u2019s Head of multi-asset strategy Peter Chatwell.<\/p>\n

\u201cGiven the rise in the earnings power of these firms different governments will also seek to raise more tax revenue from them in the coming years.\u201d<\/p>\n

INFLATION ANGST<\/h2>\n

The cost of raw materials from copper to wood to wheat have been soaring over the last month, testing the views of top central bankers that rises in inflation will be transitory as economies emerge from COVID lockdowns.<\/p>\n

U.S. breakeven rates, which factor in inflation, have scaled multi-year peaks. Most euro zone bond yields edged back up on Tuesday while a market gauge of long-term inflation expectations was nearing its highest in over two years.<\/p>\n

A host of Federal Reserve and European Central bank speakers this week will be closely watched by markets to assess how authorities are likely to respond.<\/p>\n

A test case on U.S. inflation will come when the Labor Department releases consumer price index report on Wednesday.<\/p>\n

\u201cInflation\u2019s shadow looms large and we do think that there is a limit to the Fed\u2019s tolerance of inflation,\u201d DBS Bank said in a note.<\/p>\n

In currency markets speculation that growing price pressure would erode the dollar\u2019s value kept the U.S. currency near a 2-1\/2-month low.<\/p>\n

A consolidation in commodity markets after their surge on Monday kept the Australian dollar just below a two-month high at $0.7827. The Canadian dollar stabilised near a four-year high, while the New Zealand dollar perched comfortably at February highs.<\/p>\n

Oil prices gave up earlier gains as concerns that rising COVID-19 cases in Asia will dampen demand outweighed expectations that a major U.S. fuel pipeline could restart swiftly.<\/p>\n

U.S. crude dipped 0.66% to $64.49 a barrel. Brent crude fell to $67.84 per barrel.<\/p>\n

Metal markets saw copper prices start to nudge higher again. They were last at $10,470 a tonne having hit a record high $10,747.50 the previous session. Iron ore had settled too after surging 7% on Monday.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

LONDON (Reuters) – Global stock markets were<\/p>\n","protected":false},"author":3,"featured_media":124596,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"\nFANGS and BATS sell-off spooks world stocks - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/markets\/fangs-and-bats-sell-off-spooks-world-stocks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FANGS and BATS sell-off spooks world stocks - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"LONDON (Reuters) – Global stock markets were\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/markets\/fangs-and-bats-sell-off-spooks-world-stocks\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-05-11T10:03:47+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/05\/FANGS-and-BATS-sell-off-spooks-world-stocks.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/markets\/fangs-and-bats-sell-off-spooks-world-stocks\/\",\"url\":\"https:\/\/precoinnews.com\/markets\/fangs-and-bats-sell-off-spooks-world-stocks\/\",\"name\":\"FANGS and BATS sell-off spooks world stocks - 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