- Global
stocks traded just under record highs as investors awaited inflation data later this week. - Bitcoin fell to two-week lows around $33,000, while other major tokens fell more than 9%.
- Oil retreated from 2-year highs, but slowing cases of
COVID-19 might limit losses.
Global stocks mostly edged lower on Tuesday as investors remained focused on inflation data, with the US consumer price index report due on Thursday.
Futures on the $4, $4, and $4 fell 0.1%, indicating a slightly lower start to trading later in the day.
The S&P index was still less than a quarter of a percent away from its all-time closing high a month ago, Deutsche Bank strategists said.
Biotech stocks added 1.13% to the Nasdaq the previous day, driven primarily by a record 38% jump in $4 closing price after the company $4 for its new drug to treat Alzheimer's.
The growth rate of weekly COVID-19 cases is currently at its slowest since mid-March, according to Deutsche Bank. Cases in the US are rising at their slowest pace since March 2020, while $4 for the first time in over two months. Numbers in the UK, however, have jumped 53% compared to last week, as the Delta variant spreads.
"While we remain alert to inflation risks, we believe the backdrop remains benign for stocks - with benefits most obvious for cyclical parts of the market, including energy and financials," Mark Haefele, chief investment officer at UBS Global Wealth Management, said.
Separately, lower commodity prices weighed on European stocks with basic resources declining 1.6% and energy down 0.25%, while auto stocks rose 0.8% and consumer products added 0.7%.
London's $4 rose 0.2%, the $4 rose 0.0.7%, and $4 fell 0.1%.
$4 traded 9% lower on Tuesday, while $4 and $4 dropped more than 10%. The main cause behind this most recent crypto sell-off is unclear, but $4 suggests that US federal officials $4 to a hacker group shows the digital asset can still come under official control.
President Joe Biden is $4 at the G7 summit in the UK's coastal county of Cornwall this weekend.
"Cryptos face an existential threat from major economies regulating or banning them," said Jeffrey Halley, a senior market analyst at OANDA. "China has started, and the wolves are circling. The Colonial Pipeline saga was a case of flying too close to the sun. Attacks on critical infrastructure will not go unnoticed by important and powerful people."
Asian equities mostly traded flat or lower. "In general, commodity-related sectors like materials and energy are leading the underperformance," Deutsche Bank said.
The $4 fell 0.5%, Tokyo's $4 fell 0.2%, and Hong Kong's $4 fell 0.1%.
Oil prices retreated from highs as $4 fell 0.7% to $70.96, and $4 fell 0.6% to $68.75 per barrel.
"The price action has all the hallmarks of a very long speculative market getting nervous at the highs and is not indicative of an overall change in sentiment for energy," Halley said.
"With some improvement in the pandemic situation in India and the recovery in the US, China and Europe remaining on track, oil should remain a buy on dips, with no warning signs coming from the technical momentum indicators," he said.
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