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STOCKS, OIL SLIP AS DIRE CHINA DATA FEED RECESSION FEARS
Asian share markets stumbled on Monday and oil prices slid after shockingly weak data from China underlined the deep damage lockdowns are doing to the world's second-largest economy.
China's April retail sales plunged 11.1% on the year, almost twice the fall forecast, while industrial output dropped 2.9% when analysts had looked for a slight increase.
In Europe, EUROSTOXX 50 and FTSE futures both eased 0.3%. S&P 500 stock futures lost early gains to drop 0.6%, while Nasdaq futures fell 0.5%. Both are far from last year's highs, with the S&P having fallen for six straight weeks.
Chinese blue chips (.CSI300) shed 0.8% in reaction, while commodity currencies took a knock led by the Australian dollar which is often used as a liquid proxy for the yuan.
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) lost early gains to stand flat, following a slide of 2.7% last week, when it hit a two-year low.
Japan's Nikkei (.N225) clung to gains of 0.5%, having lost 2.1% last week even as a weak yen offered some support to exporters.
Sky-high inflation and rising interest rates drove U.S. consumer confidence sink to an 11-year low in early May and raised the stakes for April retail sales due on Tuesday.
STOCKS, OIL SLIP AS DIRE CHINA DATA FEED RECESSION FEARS.
Asian share markets stumbled on Monday and oil prices slid after shockingly weak data from China underlined the deep damage lockdowns are doing to the world's second-largest economy.
China's April retail sales plunged 11.1% on the year, almost twice the fall forecast, while industrial output dropped 2.9% when analysts had looked for a slight increase.
The pullback saw the dollar come off a two-decade top, though not by much. The dollar index was last at 104.560, and within spitting distance of the 105.010 peak.
The euro stood at $1.0403 , having got as low as $1.0348 last week. The dollar did lose ground on the yen, which seemed to get a safe-haven bid in the wake of the China data, slipping to 129.02 yen .
In cryptocurrencies, Bitcoin was last up 2% at $30,354, having touched its lowest since December 2020 last week following the collapse of TerraUSD, a so-called stablecoin.
In commodity markets, gold was pressured by high yields and a strong dollar and was last at $1,809 an ounce having shed 3.8% last week.
Oil prices reversed course as the dire Chinese data rekindled worries about demand.
Brent lost $2.31 to $109.24, while U.S. crude shed $2.14 to $108.35.
Consumer inflation in Russia accelerated in April to 17.83% in year-on-year terms, its highest level since January 2002, data showed on Friday, as it got a boost from the volatile rouble and unprecedented western sanctions that disrupted logistics chains.
But monthly inflation slowed to 1.56% in April from 7.61% in March when it staged the biggest month-on-month increase since January 1999, data from the federal statistics service Rosstat showed.
