Asian stocks fall to two-year low; euro nears par with dollar on growth fears
The Hindu
The dollar index, which tracks the currency against a basked of six peers rose to 108.44, the highest since October 2002
Global equities faltered, oil fell and the euro inched closer to parity with the safe haven dollar on July 12 as the prospect of further tightening by central banks, renewed COVID-19 outbreaks in China and Europe’s energy shortages spooked investors.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.3% to its lowest level in two years, while Japan's Nikkei lost 2%.
Futures also pointed to a week open in the U.S. and Europe, as U.S. S&P 500 e-minis, lost 0.6%, Nasdaq futures fell 0.7%, pan-region Euro Stoxx 50 futures shed 0.8% and FTSE futures slipped 0.44%.
The euro fell as low as $1.0005 against the U.S. dollar, moving ever closer to parity for the first time since December 2002, as investors worry an energy crisis will tip the region into a recession.
“Risk-off sentiment is dominating global markets,” said Yuting Shao, macro strategist at State Street Global Markets.
"The dollar is the go-to international reserve currency. So when there is a recessionary risk or there's pickup of volatility, the greenback is the currency that people rush to because that is the safest," Ms. Shao added.
The dollar index, which tracks the currency against a basked of six peers rose to 108.44, the highest since October 2002.
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