Published On: Mon, Oct 18th, 2021
World | By

Wall Street Falls on Slowing China Growth, Inflation Worrieson October 18, 2021 at 2:19 pm

Share This

Wall Street’s main indexes fell on Monday as economic growth in China slowed, while a relentless surge in oil prices fueled concerns about elevated inflation. Data showed China’s economy hit its slowest pace of growth in a year in the third quarter, hurt by power shortages and wobbles in the property sector. “There is some weak data out of China, which is concerning on a global basis, and then market participants came into this earnings with a very pessimistic view but banks dramatically exceeded expectations,” said Thomas Hayes, managing member at Great Hill Capital Llc in New York. “Now we are in the second week of earnings, which is more dependant on the general economy as a whole, so it is a ‘show me’ kind of market now.” Nine of the 11 major S&P 500 sectors traded lower, while energy stocks rose 1.1 percent as Brent crude oil hit its … Save 10% on Citrus trees with code CITRUS

About the Author