Global Stocks: S&P 500, Nasdaq fall on recession fears; gold at one year record level

The S&P 500 closed down 0.25% at 4,090.20. The Nasdaq Composite closed down 1.07% at 11,996.86. The Dow Jones Industrial Average closed up 0.24% at 33,483.67.

A report from the ADP National Employment released on Wednesday showed that US private companies hired far fewer workers than expected in March. The latest weak report on private payrolls followed Tuesday’s weak data on job openings and falling factory orders.

The services sector contracted more slowly than expected in March due to falling demand, a survey by the Institute for Supply Management showed, while a measure of prices paid by service businesses fell to a nearly 3-year low.

The yield on the 10-year Treasury fell 5 basis points to 3.29%.

bullion

Gold reached a one-year record high on Wednesday on concerns of an economic slowdown.

Spot gold closed at $2,020.39 an ounce after climbing to $2,031.89, the highest level since March 2022.

US gold futures for June delivery fell $ 2.60 to $ 2,035.60 an ounce. Silver for May delivery fell 6 cents to $25.04 an ounce.

european stock

European shares fell on Wednesday on concerns of a slower-than-expected economic recovery in the euro zone.

The pan-European STOXX 600 index slipped 0.2%, while the Industrial Goods and Services index was down 2.1%.

S&P Global’s Composite Purchasing Managers’ Index (PMI) rose to a 10-month high of 53.7 in March from 52.0 in February.

The ratings agency said there was also a gap between member countries with much of the upward push for growth coming from Spain and to a lesser extent Italy. But activity rose only modestly in Germany and France, which paint a more conservative picture of underlying economic health.

In Britain, the FTSE 100 rose 0.4% to 7,662.94. France’s CAC 40 closed down 0.4% at 7,316.30. Germany’s DAX closed down 0.5% at 15,520.17.

Canada

Canadian shares were trading lower on Wednesday, with the Toronto Stock Exchange’s S&P/TSX Composite Index down 116.21 points, or 0.6%, at 20,159.55.

new zealand

New Zealand shares declined after the central bank raised interest rates. The benchmark S&P/NZX 50 index closed down 0.3% at 11,866.83.

To deal with rising inflation, the Reserve Bank of New Zealand raised its rate by 50 basis points to 5.25%.

asian stock

Asian shares slipped on Wednesday after falling on Wall Street on Tuesday following reports of weak economic data. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.02%.

Japan’s benchmark Nikkei 225 closed down 1.7% at 27,813.26. Australia’s S&P/ASX 200 index closed up 0.02% at 7,237.20. South Korea’s Kospi rose 0.2% to 2,485.21.

Hong Kong and China’s stock markets were closed for the Qingming Festival.

oil prices

Brent crude for June delivery rose 5 cents to $84.99 a barrel on Wednesday. Benchmark US crude for May delivery fell 10 cents to $80.61 a barrel.