Risk assets are under pressure on Monday as weaker-than-expected retail sales data out of China has started the week out on a sour note. The significant miss on the retail sales print highlights the impact China’s “Zero Covid” policy is having on the economy, which continues to exacerbate global supply chain issues. The potential remains for further escalation in Eastern Europe, as Sweden and Finland officially announced their intention to join NATO.
Market participants will be eager to see if risk can carry on from Friday’s strong rally, which some believe may have carved out a short-term bottom. A break toward last week’s lows for the S&P 500 could see the benchmark officially fall into “bear market territory,” which occurs following a 20% decline. With the Nasdaq 100 firmly in a bear market, it could be a matter of time before the S&P 500 follows suit.
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