Following Wall Street’s worst day since 2020, European and Asian share markets plummeted, as sharp warnings from some of the global retailers emphasized just how hard inflation is hurting.
Bond markets climbed as investors sought safety and hopes that interest rate hikes will be re-calibrated, while stocks were dominated by the gloom following Wednesday’s $25 billion meltdowns in U.S. retailer Target (TGT) shares.
The S&P 500 was down 4% on Wednesday, while the Nasdaq was down nearly 5%. Hong Kong-listed IT giants were struck particularly hard, with the index dropping roughly 4%.
The Chinese I.T. industry is still struggling from a year-long series of raids and dwindling economic prospects brought on by Beijing’s rigorous zero-COVID policy.
The focus centered on what central banks will do next as they attempt to retake control of inflation, which has reached 40-year highs in some nations while avoiding harsh recessions.
Central bankers in the United States expect the Federal Reserve to slow its rate of policy tightening after July, but markets in Europe are suddenly pricing in four ECB rate hikes. Interest rates haven’t been hiked in a decade.
While things haven’t yet reached a point of no return, they do appear to be moving in the way out of control. Against a basket of major currencies, the U.S. dollar fell 0.3 percent.
Worries about inflation were alleviated as fears of weaker economic growth outweighed concerns about global supply constraints.
TikTok has been conducting experiments in Vietnam to allow users to play games on its video-sharing app as part of plans for a major push into gaming.
Including games on its platform would increase ad income while also increasing the time people spend on the application. TikTok, which is operated by China’s ByteDance, aims to expand its gaming offerings across Southeast Asia.
Two of them believe it might happen as early as the third quarter.
TikTok users can view games that are being streamed, but they cannot play games within the app in most locations. Users see the huge opportunity the short-video streaming app.
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