Jonathan Krinsky, BTIG's Chief Market Technician, believes that fears about the long-term implications of current macro headwinds on markets are justified. More recently, Krinsky warned the firm's clients that the S&P 500 is poised to drop below 3900 after the index completed a head-and-shoulders pattern.
Profit at Aldi's U.K. and Ireland division slumped sharply in the year to the end of December 21, as the grocer was hit by pandemic-related expenses and investment in maintaining low prices.
The rout in sterling and U.K. bond markets worsened on Monday as investors took fright at the new government's sweeping and unfunded tax cuts.
Business morale in Germany this month slumped to its lowest level since the early days of the pandemic, according to a leading survey of companies in Europe's largest economy.
The pound hit an all-time low and the rout in U.K. bonds worsened after the new government indicated that it isn't yet done with unfunded tax cuts and energy subsidies. Italy is going to get a right-wing government after a bloc led by Giorgia Meloni's Brothers of Italy party emerged as the winner of national elections. Stocks are set to open lower, with a special spotlight on Amazon and Berkshire Hathaway after the weekend publication of a study on the impact of the new global minimum corporate income tax. Russia's referendums-at-gunpoint in Ukraine are shunned by its neighbors and allies, while its stock market plunges. And crude oil is lower on the prospect of demand destruction as the world economy slows. Here's what you need to know in financial markets on Monday, 26th September.