Global Stocks Down on Inflation Woes

Most of the global stock markets posted declines on Monday due to inflation and economic recovery concerns, while the United States markets were closed for Memorial Day, and the United Kingdom went on bank holiday.

• Germany’s DAX index fell 0.2%, weighed down by Deutsche Bank which slid 1.6%. The Federal Reserve reportedly flagged the bank for its failure to step up in anti-money regulations.
• Spain’s IBEX declined 0.2%, as the government proposed to drive down electricity bills and dragged utility shares.
• The S&P 500 stock futures were nearly unchanged while the Europe Stoxx 600 index was flat.
• Japan’s Nikkei 225 declined by 1% while Hong Kong’s Hang Seng Index gained 0.1%.
• PineBridge Investments Fund Manager Mary Nicola said markets are awaiting key economic data to be released this week such as the payroll figures and inflation.
• PineBridge is bullish on European and Japanese stocks as both markets have an attractive valuation and will gain from the global economic recovery.