Stocks sell off globally as France imposes riot curfews and Saudi Arabia cancels ‘Davos in the Desert’
Source: Fortune ·
Traders sold off after oil hit $111 per barrel this morning, an AI IPO in South Korea lost 30% on its debut, and the yield on the French 10-year bond hit 4.94%, a level it has not seen since 2002.
From the source
S&P 500 futures were marginally down before the New York open after a tough day for markets in Asia and Europe. Traders sold off after oil hit $111 per barrel this morning, an AI IPO in South Korea lost 30% on its debut, and the yield on the French 10-year bond hit 4.94%, a level it has not seen since 2002.The bad news began in Asia, with the market debut of AI cloud provider Elice. Its IPO was modest—raising just $150 million—but the fact that its stock tanked upon launch was a reminder that investors have lingering skepticism about AI. Nasdaq futures declined as well.Although the supply of oil from the Middle East has increased in recent days, its price went up anyway after Saudi Arabia cancelled its Flagship Future Investment Initiative meeting—better known as “Davos in the Desert”—following Houthi attacks on the airport in Riyadh. Alphabet president Ruth Porat, Goldman Sachs CEO David Solomon and BlackRock CEO Laurence Fink had been billed as attendees. The Houthis also struck…