Growth concerns in global markets

The Bloomberg Commodity Spot Index fell to new lows on declines in oil and natural gas prices. Stocks are selling as the decline in oil prices signals a global slowdown and concerns about China. Stocks are falling as concerns about the country’s financial health stem from Moody’s downgrading China’s credit rating and as oil demand signals weak global growth. All major Asia Pacific indexes are losing ground after U.S. stocks closed in the red on Wednesday. Futures are falling slightly on the S&P 500, which fell for the third consecutive day of losses, its longest losing streak since October. U.S. ADP private sector employment, which fell below expectations at 103,000 in November, has raised the possibility of a rate cut, while U.S. bonds rallied on Wednesday. The U.S. 10-year yield, which fell six basis points on Wednesday, rose four basis points this morning to 4.146%. The Bloomberg Dollar Index is flat at 1,244 points. Biden’s Ukraine package rejected by the Senate US aid to Ukraine against the Russian invasion could be disrupted. Republicans in the US Senate blocked the package that included $66 billion in emergency aid to Ukraine. Republicans, who supported continuing aid to Ukraine, did not allow the package to become law due to the immigration and border policy measures included in the package. The package also foresaw a total of $111 billion in spending, including aid to Israel and Taiwan. US President Joe Biden stated that he was willing to make “serious concessions” for the package to pass, saying, “This package should not wait. Narrow-minded, partisan and angry politics should not get in the way of our responsibilities to the world.” Biden’s budget director Shalanda Young warned this week that if a new aid package was not passed, aid resources for Ukraine would run out.