Markets under pressure at the end of the eighth with the cold shower that arrived last night from Netflix which further fuels the sell-off on equities. The Ftse Mib scores -1.4% at 27,179 points at the start with all stocks in negative territory. Stellantis' drop to -4% stands out, among the best performers in this month of January. About -2.5% for CNH and STM.
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Wall Street fell sharply in closing last night with the Dow Jones falling 0.89% and the Nasdaq 1.3%. After the close came the disappointment from Netflix which expects weak subscriber growth in the current quarter. For the first quarter of this year, the streaming giant expects subscriber growth, on a net basis, of 2.5 million, well below the 3.98 million new subscribers of the first quarter of 2021, and far below. of the 6.93 million expected by analysts, according to StreetAccount estimates.
"Once again inflation concerns and weak quarterly reports combined to push markets lower, halting a small rebound in US markets yesterday and turning it into a dramatic reversal," IG experts say this morning.
US Treasury Secretary Janet Yellen said the administration will try to fight inflation. Her words fuel the pressure on the Fed for an aggressive monetary policy in the course of 2022. On the corporate front, Netflix and Peloton collapsed in the after hours thanks to the sharp slowdown in subscriber growth for the first time and the cut in the outlook for the whole year for Peloton.
With Wednesday's drops, the Nasdaq 100 had already entered corrective territory (over -10% from the highs). The S&P 500 index is also now traveling more than 5% from its January high. Other assets include the decline in Treasury yields, with the US ten-year going well below 1.8%. Among the declining commodities, oil was also due to the surprise rise in US crude oil inventories. The White House has said it will work to expedite the release of strategic reserves.
Finally, a new cryptocurrency crash with bitcoin down by more than 8% to 5-month lows. Bitcoin has slipped by more than 14% since the beginning of the year and marks more than -40% from the top of November. Global cryptocurrency market capitalization plummeted more than 5% today, dropping below $ 2 trillion to $ 1.98 trillion, according to CoinGeck. Investors are watching with concern the restrictive moves by central banks to counter inflation. Additionally, there is concern that regulators, particularly the Securities and Exchange Commission (SEC), will introduce restrictions on cryptocurrencies this year. The Russian central bank is considering banning the mining of Bitcoin and cryptocurrencies. Russia is among the top three countries for Bitcoin mining.
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