US stocks closed lower as China’s August exports of gasoline doubled

US stocks declined, Wall Street falls to lows as recession concerns rise,
customs data show Chinese gasoline exports double,
while bitcoin and Ethereum have fallen below their price in the past week

topic’s

Wall Street falls to two-month lows as recession concerns escalate

China’s August exports of gasoline doubled from a year ago

Today’s cryptocurrency rates

Wall Street falls to two-month lows as recession concerns escalate

US stocks closed in the red zone on Friday,
falling to two-month lows as a warning of an impending global
slowdown from FedEx accelerated investors’ escape to safety
at the end of a turbulent week.

All three major US stock indices fell to levels not seen since mid-July,
with the S&P 500 closing below 3900, a closely watched support level.

The S&P 500 and Nasdaq suffered the worst weekly declines since June,
having crossed the finish line for a week marred by concern over inflation,
imminent interest rate rises and ominous economic warning signs.

Risk sentiment turned from simmering to boiling following
FedEx Corporation withdrawal of its profit forecast late Thursday,
citing signs of weak global demand.

FedEx’s move followed remarks from the World Bank and IMF,
both of which warned of an imminent global economic slowdown.

A wide range of mixed economic data,

dominated by the steeper-than-expected inflation report (CPI),
boosted interest rate hikes by at least 75 basis points at
the close of the Fed’s monetary policy meeting next week.

While the market expects a significant rise in federal interest rates next week,
there is tremendous uncertainty and concern about future rate hikes.

On Wednesday, financial markets priced in an 18 percent probability of a significant increase
in the federal funds rate by 100 basis points.

The Dow Jones Industrial Index fell by 139.4 points, 0.45 percent, to 30822.42,
the S&P fell by 28.02 points, 0.72 percent, to 3873.33 points,
and the Nasdaq Composite declined by 103.95 points, 0.9 percent, to 11448.40.

Nine of 11 major S&P 500 sectors closed in negative zone on Friday,
with energy and industry sectors suffering the largest percentage decline.

The Dow Transport Index, seen as a measure of economic health, fell by 5.1 percent.

This decline was led by FedEx’s 21.4 per cent decline, the largest decline in the S&P 500.

artical name US stocks closed lower as China’s August

China’s August exports of gasoline doubled from a year ago

Customs data showed that China’s August exports of gasoline rose by 97.4 percent from a year earlier,
as refineries benefited from new export quotas as domestic demand faltered.

Gasoline shipments reached about 1.12 million tons last month,
while volumes from January to August were 30.4 percent
lower than the corresponding period last year,
according to data from the General Administration of Customs.

Diesel exports reached 830 thousand tons, up 51.8 per cent from August 2021,
thanks to good export margins,
and total exports from January to August reached 3.25 million tons,
down 78.3 per cent from the same period last year.

Exports of aviation fuel in August fell by 15.4 percent from the same period last year to 780 thousand tons,
however, to date shipments were 4.4 percent higher than the previous year at 5.54 million tons.

Analysts and traders

were expecting China’s exports of gasoline,
diesel and jet fuel to rebound in August,
approaching year highs after Beijing issued more export quotas in June and July.

China topped the fourth batch of export quotas of 1.5 million tons for the year,
bringing the total so far this year to 24 million tons,
which is still one-third lower than 2021.

Customs data also showed that China’s August LNG imports
fell by 28.1 percent from the previous year to 4.72 million tons.

Shipments during the first eight months of the year also fell
by 21.3 percent from the same period last year at 40.64 million tons,
given the rise in the immediate price of ultra-cold fuel.

Data also showed that pipeline gas imports
last month rose 9% year-on-year to 4.13 million tons.

Import volumes from the beginning of the year to date increased
by 10.6 percent compared with the previous year to 30.40 million tons.

The session was also marked by the expiration of monthly options,
which takes place on the third Friday of each month,
and hedging on options has amplified market movements this year,
contributing to increased volatility.

The market volatility index CBOE,

often called the “fear index,”
approached a two-month high,
surpassing a level associated with growing investor anxiety.

Low issues outnumbered advanced ones on the New York Stock Exchange by 3.04 to 1;
In Nasdaq, the ratio was 2.24 to 1 in favor of declining stocks.

The S&P 500 did not hit 52-week highs and 56 new lows,
the Nasdaq Composite posted 21 new highs and 387 new lows.

artical name US stocks closed lower as China’s August

Today’s cryptocurrency rates

Bitcoin rose by 0.8 percent over the past 24 hours,
and is now trading at $20،027.53, 7.7 percent lower than last week.

The second largest digital currency “Ethereum” was 1.3 percent higher than yesterday
and is currently trading at $1,454.74, however, fell by 18.3 percent from a week ago.

The market value of the two most popular currencies is now
$383.19 billion and $175.22 billion, respectively.

artical name US stocks closed lower as China’s August

US stocks closed lower as China’s August

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