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A look at the day ahead from Karin Strohecker.
Investors are increasingly uneasy at signs central bankers in
Europe and elsewhere are mulling a retreat from the easy-money
policies that have provided much of the ammunition for stock
market gains. So ahead of an ECB meeting where a stimulus
slowdown is likely to be debated, stocks are sliding.
September has already seen many major indexes, from the S&P
500 to STOXX 600, ease after multi-month winning
streaks. Both European and U.S. equity futures
point to more falls ahead on Thursday, while Treasury and Bund
yields are off the mid-July highs hit earlier this week.
But there's much more than an ECB meeting to fret about --
Beijing's regulatory crackdown shows no sign of a letup.
Chinese gaming and media stocks - including Tencent Holdings
and NetEase - have suffered further sharp
falls after regulators summoned gaming firms to ensure they
implemented new rules for the sector.
The impact of the widening crackdown is being felt as far as
Tencent shareholder Prosus in Amsterdam which is set to
open 3.5% weaker.
Shares and bonds in the embattled Evergrande Group
too slumped further after media reports the property developer
would suspend interest payments due on some loans and all
payments on its wealth management products.
And then there is the U.S. debt ceiling quagmire, with
Treasury Secretary Janet Yellen warning again that cash and
extraordinary measures might run out in October.
On the data front, China factory gate inflation jumping 9.5%
to a 13-year-high in August shows no let up in price pressures.
In Britain, a lack of new homes for sale boosted house prices
again.
Corporate news a-plenty too. EasyJet will raise more
than 1 billion pounds ($1.4 billion) through a share sale.
Similar news elsewhere in the travel sector too, with Japan
Airlines announcing $2.7 billion in borrowing to
weather the prolonged COVID-19 impact.
Key developments that should provide more direction to markets
on Thursday:
ECB holds monetary policy meeting and presser
-Lloyd's of London swung to H1 pre-tax profit of 1.4 billion
pounds, helped by rising premium rates
-Fed speakers: San Francisco Fed President Mary Daly 1205 GMT;
Chicago President Charles Evans 1505 GMT
-Emerging markets: Malaysia, Peru, Serbia, Ukraine central bank
meetings
Auctions: U.S. 30-year bonds, 4-week t-bills.
U.S. earnings: Oracle
($1 = 0.7263 pounds)
(Reporting by Karin Strohecker; editing by Sujata Rao)
