{"id":1216973,"date":"2023-04-19T15:25:28","date_gmt":"2023-04-19T14:25:28","guid":{"rendered":"https:\/\/www.businesstelegraph.co.uk\/us-and-european-shares-fall-as-concerns-grow-over-economic-outlook\/"},"modified":"2023-04-19T15:25:28","modified_gmt":"2023-04-19T14:25:28","slug":"us-and-european-shares-fall-as-concerns-grow-over-economic-outlook","status":"publish","type":"post","link":"https:\/\/www.businesstelegraph.co.uk\/us-and-european-shares-fall-as-concerns-grow-over-economic-outlook\/","title":{"rendered":"US and European shares fall as concerns grow over economic outlook"},"content":{"rendered":"<p> <script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<!-- newscabal uk text -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:inline-block;width:728px;height:90px\"\r\n     data-ad-client=\"ca-pub-8162386273903324\"\r\n     data-ad-slot=\"3688094655\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div data-attribute=\"article-content-body\">\n<p>US stocks slipped on Wednesday after a fresh batch of bank earnings disappointed investors, pushing fears of a potential recession to the fore. <\/p>\n<p>Wall Street\u2019s benchmark S&amp;P 500 slipped 0.4 per cent shortly after the New York open, with basic materials, consumer cyclicals and technology stocks among the worst performers. The tech-heavy Nasdaq Composite, which is up 15 per cent year to date, lost 0.5 per cent, while the KBW Nasdaq Bank index slipped 0.3 per cent.<\/p>\n<p>Europe\u2019s region-wide Stoxx 600 fell 0.2 per cent while Germany\u2019s Dax was steady.<\/p>\n<p>Sentiment in the US was hit after <a href=\"https:\/\/www.ft.com\/content\/a78b6851-7ce8-4cd8-8431-7a04882ddca4\" data-trackable=\"link\">Morgan Stanley\u2019s first-quarter results<\/a> showed a drop in earnings due to a slowdown in dealmaking, sending its shares 1.5 per cent lower in early trading. Citizens Financial Group lost 1.5 pre cent after a 5 per cent fall in deposits in the first three months of the year. Tesla is due to report its earnings later in the day. Those moves came after Goldman Sachs on Tuesday said its first-quarter profits slumped 18 per cent. <\/p>\n<p>US equity markets have ticked higher so far this year despite the failure of three midsized lenders in March, though some doubt how much higher stocks have left to rise. <\/p>\n<p>\u201cDespite the moves over the past month, it is almost unanimous among client conversations that they remain bearish,\u201d said analysts at JPMorgan. Bank of America\u2019s latest fund managers\u2019 survey meanwhile showed that fear of a credit crunch means investments in equities relative to bonds have fallen to their lowest level since the great financial crisis. <\/p>\n<p>Elsewhere, London\u2019s FTSE 100 lost 0.2 per cent after annual UK consumer price growth last month eased by less than expected to 10.1 per cent, down from 10.4 per cent in February. Economists had expected a decline to 9.8 per cent. <\/p>\n<p>Core inflation was unchanged at 6.2 per cent but was kept high by further sharp <a href=\"https:\/\/www.ft.com\/content\/e1978f6e-3051-443b-8681-f6d84e4362b6\" data-trackable=\"link\">prices for food<\/a>, recreation and culture. The pound briefly climbed before giving up its early gains to trade 0.1 per cent lower against the dollar to $1.241.<\/p>\n<p>Paul Dales, chief UK economist at Capital Economics, said the March figures meant \u201cit\u2019s become even more likely\u201d the Bank of England would raise interest rates to 4.5 per cent in May. \u201cThis release even makes us wonder if that won\u2019t be the peak.\u201d<\/p>\n<p>UK government bonds sold off on Wednesday morning, with yields on two-year gilts up 0.13 percentage points to 3.81 per cent \u2014 the highest level since late February. Futures markets now expect UK interest rates to peak at 5 per cent in November, having priced in a peak of 4.78 per cent in September before March\u2019s inflation data.<\/p>\n<p>\u201cIt\u2019s now clear the UK has an inflation problem that is worse and more persistent than in Europe and the US\u201d, said Ed Monk, associate director at investment management company Fidelity International.<\/p>\n<p>US government debt sold off, with the yield on two-year Treasuries up 0.05 percentage points to 4.25 per cent, its highest level in a month, and the yield on 10-year debt up 0.04 percentage points to 3.61 per cent.<\/p>\n<p>Asian stocks retreated, with Hong Kong\u2019s Hang Seng index down 1.4 per cent and China\u2019s CSI 300 index losing 0.9 per cent, down from its highest level since early February.<\/p>\n<\/div>\n<p><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block; text-align:center;\"\r\n     data-ad-layout=\"in-article\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-client=\"ca-pub-8162386273903324\"\r\n     data-ad-slot=\"7859258044\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><a href=\"https:\/\/www.ft.com\/content\/89da1e8f-6054-424e-a729-8abd3822b01f\">READ SOURCE<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>US stocks slipped on Wednesday after a fresh batch of bank earnings disappointed investors, pushing fears of a potential recession to the fore. Wall Street\u2019s benchmark S&amp;P 500 slipped 0.4 per cent shortly after the New York open, with basic materials, consumer cyclicals and technology stocks among the worst performers. The tech-heavy Nasdaq Composite, which [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1216974,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_oct_exclude_from_cache":false,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-1216973","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>US and European shares fall as concerns grow over economic outlook - Business Telegraph<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ft.com\/content\/89da1e8f-6054-424e-a729-8abd3822b01f\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US and European shares fall as concerns grow over economic outlook - Business Telegraph\" \/>\n<meta property=\"og:description\" content=\"US stocks slipped on Wednesday after a fresh batch of bank earnings disappointed investors, pushing fears of a potential recession to the fore. Wall Street\u2019s benchmark S&amp;P 500 slipped 0.4 per cent shortly after the New York open, with basic materials, consumer cyclicals and technology stocks among the worst performers. The tech-heavy Nasdaq Composite, which [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ft.com\/content\/89da1e8f-6054-424e-a729-8abd3822b01f\" \/>\n<meta property=\"og:site_name\" content=\"Business Telegraph\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-19T14:25:28+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/www.businesstelegraph.co.uk\/wp-content\/uploads\/2023\/04\/US-and-European-shares-fall-as-concerns-grow-over-economic.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"506\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"businesstelegraph\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"businesstelegraph\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.ft.com\/content\/89da1e8f-6054-424e-a729-8abd3822b01f#article\",\"isPartOf\":{\"@id\":\"http:\/\/www.businesstelegraph.co.uk\/us-and-european-shares-fall-as-concerns-grow-over-economic-outlook\/\"},\"author\":{\"name\":\"businesstelegraph\",\"@id\":\"https:\/\/www.businesstelegraph.co.uk\/#\/schema\/person\/0a3a6a0f58402f1f2af94e02d0987b78\"},\"headline\":\"US and European shares fall as concerns grow over economic outlook\",\"datePublished\":\"2023-04-19T14:25:28+00:00\",\"dateModified\":\"2023-04-19T14:25:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"http:\/\/www.businesstelegraph.co.uk\/us-and-european-shares-fall-as-concerns-grow-over-economic-outlook\/\"},\"wordCount\":540,\"publisher\":{\"@id\":\"https:\/\/www.businesstelegraph.co.uk\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.ft.com\/content\/89da1e8f-6054-424e-a729-8abd3822b01f#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.businesstelegraph.co.uk\/wp-content\/uploads\/2023\/04\/US-and-European-shares-fall-as-concerns-grow-over-economic.jpg\",\"articleSection\":[\"finance\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"http:\/\/www.businesstelegraph.co.uk\/us-and-european-shares-fall-as-concerns-grow-over-economic-outlook\/\",\"url\":\"https:\/\/www.ft.com\/content\/89da1e8f-6054-424e-a729-8abd3822b01f\",\"name\":\"US and European shares fall as concerns grow over economic outlook - 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