Stocks, metals bleed on weak economic data

MUMBAI: A series of disappointing economic data from around the world, along with Anthropic’s launch of a new AI-tool that could threaten established businesses of several software services companies across the world, have pushed most of the leading global equity indices into the red zone. Ongoing geopolitical uncertainties are also adding to investors’ anxiety. And in the commodities space, a stronger dollar is leading to heavy sell-off across the metals space.Consider this: On Thursday, across Asia, the Nikkei index in Japan closed 0.9% lower while the Shanghai Composite in China and sensex in India each closed 0.6% lower. In Europe in late trades, FTSE in the UK was down 0.8% while Dax in Germany was down 1%. In early trades in the US, the tech-heavy Nasdaq Composite was down 1.6%, Dow Jones index was down 1.1% and S& was down 1.2%. Brazil was the lone bright spot among a sea of red: In early trades the iBovespa index was up 0.5%.In the metals space, in mid-session on the New York Commodity Exchange, silver was down 13%, gold 2.4% and copper 1.4%.Globally, the unemployment rate is raising its head in developed economies that in turn is pushing some of the central bankers and policymakers to rethink their economic policies, a leading debt fund manager said. This is also making investors jittery, he added. During the week, labour data released in the US showed that employment rate, the number of people who lost their jobs and jobless claims, all were at multi-year high levels. Along with these numbers, job opening numbers were at a multi-year low level.On Thursday, Bank of England held its interest rate at 3.75%. But market players pointed out that the rate decision was maintained with a narrow 5:4 majority among the rate setters on the bank’s panel. Sensex, meanwhile, closed at 83,314 points, down 504 points. On NSE, Nifty closed 133 points lower at 25,643 points.