Wall Street ended sharply lower on Thursday and the S&P 500 posted its worst month since the onset of the global health crisis, following a tumultuous month and quarter wracked by concerns over COVID-19, inflation fears and budget wrangling in Washington.
Asia’s manufacturing activity was lacklustre in September as signs of slowing Chinese growth and factory shutdowns caused by the coronavirus pandemic weighed on the region’s economies, surveys showed on Friday.
Gold was up on Thursday morning in Asia, after tumbling to a seven-week trough during the previous session, but rising U.S. Treasury yields continued to apply pressure.
The dollar hovered near a one-year high versus major peers on Thursday, following a two-day surge amid expectations for a tapering of Federal Reserve stimulus from November and a possible interest rate hike in late 2022.
Oil prices fell on Thursday, extending losses after official figures showed an unexpected rise in inventories in the United States although prices seem to have stabilised following a recent run of gains.
The S&P 500 eked out a gain Wednesday, after coming under pressure into the close amid ongoing concerns about the recovery and a potential government shutdown stifled upside momentum.