{"id":113,"date":"2024-08-08T08:23:04","date_gmt":"2024-08-08T08:23:04","guid":{"rendered":"https:\/\/sofakingdrunk.com\/index.php\/2024\/08\/08\/stock-markets-remain-volatile-amid-slowdown-fears-deliveroo-hits-profit-milestone-business-live-business\/"},"modified":"2024-08-08T08:23:04","modified_gmt":"2024-08-08T08:23:04","slug":"stock-markets-remain-volatile-amid-slowdown-fears-deliveroo-hits-profit-milestone-business-live-business","status":"publish","type":"post","link":"http:\/\/sofakingdrunk.com\/index.php\/2024\/08\/08\/stock-markets-remain-volatile-amid-slowdown-fears-deliveroo-hits-profit-milestone-business-live-business\/","title":{"rendered":"Stock markets remain volatile amid slowdown fears; Deliveroo hits profit milestone \u2013 business live | Business"},"content":{"rendered":"


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Introduction: Markets remain jittery<\/h2>\n<\/header>\n

Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.<\/strong><\/p>\n

Market jitters have not abated, after a disappointing end to trading on Wall Street last night.<\/p>\n

European markets are set to open with a bump, wiping out some of yesterday\u2019s recovery.<\/p>\n

Investors are anxious after a bright start on the New York exchange faded by the close last night. The S&P 500 index fell 0.77% by close of trading, having been up 1% in early trading after dovish noises from the Bank of Japan supported shares earlier on Wednesday.<\/p>\n

That weakness has worried traders. Stephen Innes<\/strong>, managing partner at SPI Asset Management<\/strong>, sums up the mood:<\/p>\n

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<\/svg>The US stock market wobbled and wavered on Wednesday, ultimately fizzling out as the day\u2019s recovery hopes melted away like a popsicle in the summer sun.<\/p>\n

Nvidia and other tech behemoths kicked off the day with gusto but quickly lost steam as if deciding to take an unexpected afternoon snooze. This lethargy led to a broader market slump.<\/p>\n<\/blockquote>\n

There remains anxiety that US policymakers may not pull off a \u2018soft landing\u2019, as they try to cool inflation without causing a recession. Geopolitical tensions are another worry.<\/p>\n

Innes adds:<\/p>\n

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<\/svg>The potential for a broader U.S. economic slowdown, misaligned global monetary policies, and the bubbling geopolitical tensions in the Middle East cast long, ominous shadows across financial markets.<\/p>\n

Furthermore, the U.S. political election looms, potentially turning the markets into more of a chaotic mosh pit than a graceful waltz.<\/p>\n

Prepare for a potentially \u201cTurbulent Thursday\u201d and brace for what might become a \u201cFrantic Friday.\u201d<\/p>\n<\/blockquote>\n

IT firm Super Micro Computer<\/strong> led the Wall Street rout, falling 20% after its latest results missed analyst expectations.<\/p>\n

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OVERNIGHT MARKETS\uff1a<\/p>\n

1\uff1aMajor US benchmarks gave back early gains to finish lower and near worst levels<\/p>\n

2\uff1aPrice action was bearish \u2013 S&P 500 down -0.77% from session highs of 1.73%<\/p>\n

\u2014 Philip Green (@lildustin11) August 8, 2024<\/a><\/p><\/blockquote>\n<\/div>\n

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3\uff1aMarket failed to carry over momentum from Turnaround Tuesday, notable drivers of weakness include earnings disappointments (Airbnb, Super Micro Computing, Novo Nordisk) and continued talk about systematic fund selling<\/p>\n

\u2014 Philip Green (@lildustin11) August 8, 2024<\/a><\/p><\/blockquote>\n<\/div>\n

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4\uff1aBig Tech was mixed, with Tesla (-4.4%) and Nvidia (-5.1%) the notable decliners<\/p>\n

5\uff1aCopper prices hit a fresh 5-month low as growth concerns linger<\/p>\n

\u2014 Philip Green (@lildustin11) August 8, 2024<\/a><\/p><\/blockquote>\n<\/div>\n

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This has pushed stocks down in Asia, where Japan\u2019s Nikkei<\/strong> is down 0.75% and South Korea\u2019s Kospi has lose 0.7%.<\/p>\n

European markets are set to open lower too:<\/p>\n

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Europe’s performance yesterday hoped that it had put uncertainty & volatility to bed for the week, but Wall Street was having none of it. Oil $78, Asia mixed this AM. Opening calls portray pre-prandial neurosis. FTSE -68 @ 8098 DAX -176 ay 17439 CAC -60 @ 7206 DJIA -15 @ 38748<\/p>\n

\u2014 David Buik (@truemagic68) August 8, 2024<\/a><\/p><\/blockquote>\n<\/div>\n

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The latest US weekly jobless claims data, due before Wall Street reopens, will set the mood. Economists expect around 240,000 new claims for unemployment benefit, down from 249,000 the previous week.<\/p>\n

Kyle Rodda, <\/strong>senior financial market analyst at capital.com, <\/strong>explains:<\/p>\n

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<\/svg>Whether we see further volatility in the short term mostly depends on tonight\u2019s US jobless claims number.<\/p>\n

In a week lacking significant event risk, the jobless claims in the most critical piece of information the markets are likely to receive, especially given that the plunge in equities was stoked by data signalling the US labour market could be rolling over.<\/p>\n<\/blockquote>\n

The agenda<\/h2>\n