Stocks on Wall Street dropped on the final day of the quarter and major indexes are set to register their worst first half since 1970. Inflation worries gripped the market with the release of latest data.

European markets dropped 2% after investors digested latest unemployment data across the region. French inflation rose at the fastest pace since 1999 on higher food and energy prices.

Asian markets closed mixed and indexes in China rebounded after an index of activities showed expansion in June after contracting for three months in a row.

Stocks, bonds, and energy markets struggled in volatile trading and popular stock averages closed down a fraction. Central bankers delivered hawkish comments in taming inflation but failed to acknowledge their loose monetary policy for more than a decade.

Bed Bath & Beyond sales plunged as consumer spending pattern shifted away from home goods. The retailer said chief executive Mark Tritton has departed the company.

BBBY
U.S. stocks lacked direction and the first quarter real GDP decreased at an annual rate of 1.6% after the third and final estimate. Central bankers talked tough on inflation but failed to accept their role in fueling inflation after a decade of loose monetary policy.

European indexes declined after Spain reported a 37-year high inflation and German inflation was near record high in June. The economic sentiment indicators dropped both the EU and the euro zone.



Markets in Asia closed down after the crude energy prices resumed the advance and currencies in the region extended losses after the U.S. dollar gained. The yen dropped to a new 22-year low and the rupee fell to a record low. Currencies in Thailand, Indonesia, and Philippines remained depressed.

Major market averages turned negative after the consumer confidence index dropped for the second month in a row and expectations index plunged to a nine-year low. Crude oil extended gains on the expectations of rising demand from China.

U.S. stocks wavered after the early bounce dissipated following weak consumer confidence data. Crude oil prices continue to march ahead after China eased restrictions for inbound travelers.

European markets traded higher on China optimism. Energy priced advanced. The ECB President Christine Lagarde played down recession risk in the euro zone and added that the central bank is ready to lift rates higher and faster if inflation continues to accelerate.

U.S. stocks lacked direction on Monday after a week of strong gains. Durable goods orders rose more than expected in May. The U.S. dollar held firm against the euro and the yen.

European Markets Lose Early Momentum

Jun 27, 2022
Bridgette Randall
European markets lost early momentum after worries of higher and faster interest rates eased. Resource stocks gained on the expectations of higher demand from China as economic activities rebound after several months of lockdown.

The S&P 500 index delivered its best one-day gain since May 2020 and completed the week with a rise of 6.5% after a consumer sentiment survey showed a slight moderation in inflation expectations.



Carnival Cruise reported its best quarterly bookings. FedEx quarterly results were mixed but held out for a stronger annual outlook. ZenDesk agreed to go private. LendingTree lowered its quarterly revenues outlook.

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