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Weekly news summary for March 19 to 25

Friday, March 19, 2021: Chinese Equities Weakened on Tough US-China Talks

Chinese equities edged lower on Friday, with the benchmark index making its longest weekly losing streak since early 2016 after US stocks fell, and a high-level meeting between the US and China in Alaska turned into what Washington described as “tough and direct” talks.

China’s A50 index dropped 3%, and the Chinext Price indexes shed 2.8%, while the CSI 300 lost 2.6%, the most since Mar. 8, with weaknesses in materials and consumer staples shares mainly pushing the index down.

Monday, March 22, 2021: Lira and Turkish Stocks Fall on Agbal’s Dismissal

The lira and stocks in the Turkish market declined on Monday after President Tayyip Erdogan took investors off guard by dismissing Turkey’s central bank governor Naci Agbal and handing the reins over to Sahap Kavcioglu.

Erdogan’s move led the US dollar to climb as high as 15% against the Turkish lira, and the BIST-100 index down 9.8% to end the session at 1379.25, registering its biggest fall since June 2013.

Tuesday, March 23, 2021: NIAID Casts Doubt on AstraZeneca’s Trial Data

The US National Institute of Allergy and Infectious Diseases (NIAID) cast doubt on the latest trial results of AstraZeneca’s COVID-19 vaccine, saying the British-Swedish drugmaker may have provided outdated information potentially causing uncertainty over the vaccine’s specified efficacy rate.

NIAID’s announcement came a day after better-than-expected results of a huge US trial reinforced the safety and effectiveness of AstraZeneca’s COVID-19 vaccine, which could have refuted concerns over the shot’s efficacy and possible side effects.

Wednesday, March 24, 2021: GameStop’s Fiscal Q4 Results Disappoint

Shares in US videogame retailer GameStop Corp. were down 15.3% in after-hours trading after its figures for the fiscal fourth quarter ended lower than expected.

The company reported adjusted earnings of $1.34 per share, but it was 8% short of forecasts, while overall sales dropped 3.3% year-over-year to $2.12 billion in the quarter, also missing estimates of $2.21 billion.

Thursday, March 25, 2021: US Dollar Hits Four-month High Against Euro

The dollar reached a four-month high against the euro on Thursday, as the US’s efforts to contain the pandemic continued to surpass Europe’s, which has been facing extended lockdowns and delayed vaccine distributions.

The greenback clung to most of the broad two-day gains, which have been strengthened by concerns over Europe’s third wave of COVID-19 infections, possible tax increases in the US, and continued potential of inflation.

 

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