Stocks Drop As Investors Worry About US Rates, China Woes
Global stocks saw a mixed day of trading Friday as investors contemplated the prospect that interest rates could remain higher for longer and on concerns over China's economy.
Stocks on Wall Street finished largely flat as investors snapped up more attractive government bonds with higher yields.
The Dow Jones Industrial Average finished up slightly, while the S&P was flat and the Nasdaq fell.
Meanwhile, the yield on the 10-year US Treasury note eased off highs seen earlier this week, when it was briefly flirting with a new 15-year high.
"There are a lot of investors looking at the yields and they are starting to get very attractive," financial advisor Tom Cahill from Ventura Wealth Management told AFP.
"They are stepping in to do some buying of the bonds and of course that drives down yields -- and that's better for stocks," he added.
In the eurozone, Paris and Frankfurt ended the week in the red.
In London, the FTSE 100 also closed lower, as a wet July dampened UK retail sales, which fell more than expected last month, official data showed.
Traders have been spooked after minutes from the US central bank's July meeting hinted that further increases in borrowing costs could lie ahead, as policymakers grapple with inflation.
While inflation in the United States has come down sharply in recent months, it remains above the Fed's long-term target of two percent.
Some decision-makers at the Fed have suggested its two percent goal can only be achieved and maintained by pushing interest rates higher.
Fed chief Jerome Powell's speech at next week's annual Jackson Hole economic symposium in Wyoming will be closely followed for clues about the bank's plans.
- Anxious eye on China -
Asian markets were well in the red, too, including Hong Kong, which was down for a sixth consecutive trading day.
Investors are also keeping an eye on China, where authorities are struggling to get a grip on the economy as its recovery from Covid peters out.
And the property crisis is also back in the headlines.
On Thursday, Chinese property giant Evergrande Group filed for bankruptcy protection in the United States, a measure that protects its US assets while it attempts to push through a restructuring.
That comes days after Country Garden, another major Chinese developer, said there were "major uncertainties in the redemption of corporate bonds," suggesting it could default on a bond payment next month.
There are now concerns about property firms backed by the government, with Bloomberg reporting that many are warning of widespread losses.
It said 18 of the 38 state-owned enterprise builders traded in Hong Kong and China had posted preliminary losses in the first half of the year, compared with 11 that warned of full-year losses in 2022.
"China's property slowdown is already hurting all developers, including the large government-linked ones," said Zerlina Zeng of CreditSights Singapore.
"We do not expect the situation to materially improve in the second half."
- Key figures around 2030 GMT -
New York - Dow: UP 0.1 percent at 34,500.66 (close)
New York - S&P: FLAT at 4,369.71 (close)
New York - Nasdaq: DOWN 0.2 percent at 13,290.78 (close)
London - FTSE 100: DOWN 0.7 percent at 7,262.43 (close)
Frankfurt - DAX: DOWN 0.7 percent at 15,574.26 (close)
Paris - CAC 40: DOWN 0.4 percent at 7,164.11 (close)
EURO STOXX 50: DOWN 0.4 percent at 4,212.95
Tokyo - Nikkei 225: DOWN 0.6 percent at 31,450.76 (close)
Hong Kong - Hang Seng Index: DOWN 2.1 percent at 17,950.85 (close)
Shanghai - Composite: DOWN 1.0 percent at 3,131.95 (close)
Euro/dollar: DOWN at $1.0874 from $1.0878 on Thursday
Pound/dollar: DOWN at $1.2736 from $1.2745
Euro/pound: UP at 85.37 pence from 85.29 pence
Dollar/yen: DOWN at 145.32 from 145.79 yen
West Texas Intermediate: UP 1.1 percent at $81.25 per barrel
Brent North Sea crude: UP 0.8 percent at $84.80 per barrel
dan-kjm-da/acb
What The 'Blind Side' Lawsuit Teaches Us About Allyship And White Saviorism
NEW YORK - APRIL 25: Baltimore Ravens #23 draft pick Michael Oher poses for a photograph with his ... [+] family at Radio City Music Hall for the 2009 NFL Draft on April 25, 2009 in New York City (Photo by Jeff Zelevansky/Getty Images)
Getty ImagesMichael Oher, who is the subject of the 2009 award-winning movie The Blind Side, has alleged that much of the critically-acclaimed movie was fabricated. The film has long been criticized for its white savior narrative — the belief that white people must save, help, teach, and protect their non-white counterparts.
The film depicts Oher’s journey as a Black child who went from being unhoused and in the foster care system, to a first-round NFL draft pick because of the “help” of a white family, the Tuohys. In an NPR interview about Oher’s 2011 book, I Beat the Odds, Oher lamented the fact that the film distorted certain aspects of his story. “I felt like it portrayed me as dumb instead of as a kid who never had consistent academic instruction and ended up thriving once he got it.”
Oher has recently been in the headlines because of petition he filed in a Tennessee court where he claimed that the Tuohy family never actually adopted him but put him into a conservatorship, where they were able to make legal decisions on his behalf. Oher also alleges that although the film made over $300 million in revenue, he made no money from the film. The Tuohys have called these accusations “ridiculous” and have outright denied Oher’s claims, saying that it’s part of a “shakedown” attempt.
NEW YORK - NOVEMBER 17: (L-R) The family the film is based on Collins Tuohy, Sean Tuohy Jr. Leigh ... [+] Anne Tuohy and Sean Tuohy attend the premiere of "The Blind Side" at the Ziegfeld Theatre on November 17, 2009 in New York City. (Photo by Stephen Lovekin/Getty Images)
Getty ImagesWhite saviorism — which can be seen in Academy Award-winning movies like The Help, Hidden Figures, and Avatar — can also manifest in real life. Non-white communities experience the burden of white saviorism in a number of ways, and it can be hard to draw the line between effective advocacy and white saviorism that contributes to further harm.
How do you ensure you are not engaging in white saviorism and that your actions are positively impacting the most harmed communities? Here are four questions to consider to prevent white saviorism.
1. Who is experiencing harm right now?White saviorism centers the white savior and not the person or people in need of “saving.” Ask yourself: Who is most impacted by the current conditions?
Identify the individuals that are directly experiencing harm and prioritize them and their experiences. It could be harm caused by a natural disaster or environmental catastrophe, war and conflict, or societal inequities. It’s important to understand who are the most affected and impacted and focus harm-reduction efforts there.
Although not mandatory, it’s also extremely helpful to understand the origin of harm because you could play a pivotal role in addressing harm at the root.
2. How do those impacted want the harm to be addressed?White saviorism ignores the question of how those directly impacted want harm to be repaired. The needs and desires of those most impacted often go overlooked and assumptions are made about what is in their best interest. Often times, programs and policies are created to repair harm, but no one directly impacted is part of their creation.
Have you actually asked the people that have been victimized, marginalized and oppressed what they want and need to repair the harm they’ve experienced?
It is important to remember the popular slogan from the South African disability rights movement of the 1990s: “nothing about us without us.” The needs of the most impacted must always be centered in harm-reduction efforts.
3. How can harm be directly addressed?Many people have supported charities to address societal issues that plague different marginalized communities. In an attempt to help harmed populations, many turn to charitable organizations and non-profits.
Non-profit organizations like Susan G. Komen (formerly the Susan G. Komen Breast Cancer Foundation) and the Red Cross were originally created to help communities in need but have been under scrutiny for what some have called a lack of transparency and a misuse of funds. Rather than donating to outside organizations where it’s often unclear whether those directly harmed will receive contributions, mutual aid funds can be a more transparent and equitable alternative.
It’s always a good idea, whenever possible, to give directly to those who have most impacted.
4. How can my power, privilege and access be used to reduce future harm?Are you consistently interrogating the myriad ways you hold power and privilege that grant you more access than others?
All of us, including folks with marginalized identities, hold different privileges: it could be white privilege, educational privilege, wealth privilege, American privilege, age privilege, etc. What specific actions do the most marginalized want you to take to address and repair the harm they’ve experienced?
Understanding the power and privilege you hold can better your understanding of how to help those most impacted. Directly assess what support looks like for the most harmed and remember to always center their needs in any “savior” efforts.
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