Stocks declined and U.S. equity futures fell Monday as inflation worries and China’s Covid lockdowns weighed.
Equities fell in Japan, Australia and South Korea. Markets in China and Hong Kong are shut for holidays. U.S. futures stabilized after the markets logged one of their worst monthly drops since the pandemic first led to a steep decline in markets in early 2020.
The Singapore-traded SGX Nifty, an early barometer of India’s benchmark Nifty 50, fell over 1% to 16,951.50 points as of 6:45 am.
The Federal Reserve is expected to raise rates by a half point Wednesday, the largest increase since 2000. Price pressures due to disruptions from Russia’s war in Ukraine could intensify, as the European Union is set to propose a ban on Russian oil by the end of the year, with restrictions on imports introduced gradually until then, according to people familiar with the matter.
West Texas Intermediate crude was near $105 a barrel. Elsewhere, bitcoin hovered around 38,700.