US stock markets looked to be recovering lost ground on Monday, with the S&P 500 and Dow Jones trading higher but only the latter managing to finish that way, gaining 0.1% on another surge in the oil price.
The S&P 500 fell 0.4% and the Nasdaq was down 1.2% as investors digested the weaker than expected Chinese retail and industrial results.
Of greatest concern was a major shift in the New York Business Conditions index, which plummeted from 36.2 to negative 11.6 points following the latest rate hike. Investment banks continue to cut growth expectations, which now sit at 2.4% in 2022. The price of wheat is the latest to surge after India announced they would limit all exports amid a domestic shortage due to hot weather.
McDonald’s to exit Russia
McDonald’s (NYSE: MCD) fell 0.4% after announcing its exit from the Russian market would cost as much as USD$1.4 billion.
Corporate activity continued in the travel sector with Spirit Airlines (NYSE: SAVE) jumping more than 13% after JetBlue (NASDAQ: JBLU) launched a bid for the group.
Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is tipped to open higher this morning. For a round-up of the latest news, check out my ASX 200 morning report.
