On Friday, the 8th of February 2019, the global stocks fell, while the US dollar was tottered for the first time in roughly eight days after release of a distressful US job report and contracting US payroll in February, fanning the flames of a slowing world economy.
Global economic growth kept making markets depolarized as China data displayed a 20.7 percent contraction in February on a year-on-year basis, while the imports were shrunk by 5.2 percent. Meanwhile the Trump administrations had not been helping to sojourn the slowdown by any means, as White House Trade adviser Clete Williams said on Friday (March 8th) that the White House officials had not really made any sizeable progress or plans to send a team to China for next leg of face-to-face talks.
The US dollar fell on Friday (March 8th) against a gauge of global currencies including emerging market as well as Latin American currencies, while the global stocks drowned amid a renewed slowdown worry. Over the US soil, the Dow fell 0.58 percent and S&P 500 lost 0.77 percent, while the Nasdaq ended the week with an intra-day loss of 0.72 percent.
The Pan-European STOXX 600 drained 0.89 percent and the MSCI’s gauge of stocks across the world had shredded off 0.89 percent of its earlier gains after breaching a five-months high alongside European stocks last week.
US dollar lost its safe-haven appeal amid poor job data, as the DXY fell 0.35 percent to 97.41 after reaching 97.71 yesterday (March 7th), while euro gained 0.45 percent to $1.1242. Despite another set of faltered Chinese economic data, Australian dollar gained over 0.41 percent to $7041.
Citing a pervasive worry periling the investors’ sentiment, a senior global equity strategist at Wells Fargo Investment Institute at St. Louis, Missouri, Scott Wren said, “The market is worried about global growth and it has been worried about global growth for a while, so now you are seeing some confirmation on why the market has been concerned about that. ”