Fed indicates slower further tightening
US stock market retreat resumed on Wednesday after the federal Reserve hiked rates a quarter point while indicating fewer increases in 2019. The S&P 500 fell 1.5% to 2506.96. The Dow Jones industrial average lost 1.5% to 23323.66. Nasdaq composite index dropped 2.2% to 6636.83. The dollar weakening halted despite Fed projecting 2 rate hikes in 2019, down from 3 seen earlier while leaving unchanged pace of balance sheet reduction. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, inched up less than 0.1% to 96.973 but is lower currently. Futures on stock indexes point to lower openings today.
FTSE 100 outperforms other main European indices
European stocks rebounded on Wednesday led by pharmaceutical shares. GBP/USD resumed declining while theEUR/USD continued climbing after Brussels confirmed the budget deal between Italy and the European Union announced late Tuesday. Both pairs are higher currently. The Stoxx Europe 600 rose 0.3%. Germany’s DAX 30added 0.2% to 10766.21. France’s CAC 40 gained 0.5% and UK’s FTSE 100 advanced 1% to 6765.94.
Nikkei leads Asian indices lower
Asian stock indices are under pressure today. Nikkei dropped 2.8% to 20392.58 as the Bank of Japan left policy unchanged while yen accelerated its climb against the dollar. China’s stocks are falling despite an unexpected 100 billion yuan ($15 billion) lending program by Beijing to support entrepreneurs. The Shanghai Composite Index is down 0.5% and Hong Kong’s Hang Seng Index is 1% lower. Australia’s All Ordinaries Index extended losses 1.3% despite the Australian dollar’s slowing slide against the greenback.
Brent down despite unexpected US crude stocks dip
Brent futures prices edging lower today. Prices ended higher yesterday as the Energy Information Administration reported that US crude stockpile fell 0.5 million barrels last week. Yesterday the American Petroleum Institute reported that US crude supplies rose by 3.5 million barrels. Prices advanced: February Brent crude rose 1.7% to $57.42 a barrel on Wednesday.
US stock market retreat resumed on Wednesday after the federal Reserve hiked rates a quarter point while indicating fewer increases in 2019. The S&P 500 fell 1.5% to 2506.96. The Dow Jones industrial average lost 1.5% to 23323.66. Nasdaq composite index dropped 2.2% to 6636.83. The dollar weakening halted despite Fed projecting 2 rate hikes in 2019, down from 3 seen earlier while leaving unchanged pace of balance sheet reduction. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, inched up less than 0.1% to 96.973 but is lower currently. Futures on stock indexes point to lower openings today.
FTSE 100 outperforms other main European indices
European stocks rebounded on Wednesday led by pharmaceutical shares. GBP/USD resumed declining while theEUR/USD continued climbing after Brussels confirmed the budget deal between Italy and the European Union announced late Tuesday. Both pairs are higher currently. The Stoxx Europe 600 rose 0.3%. Germany’s DAX 30added 0.2% to 10766.21. France’s CAC 40 gained 0.5% and UK’s FTSE 100 advanced 1% to 6765.94.
Nikkei leads Asian indices lower
Asian stock indices are under pressure today. Nikkei dropped 2.8% to 20392.58 as the Bank of Japan left policy unchanged while yen accelerated its climb against the dollar. China’s stocks are falling despite an unexpected 100 billion yuan ($15 billion) lending program by Beijing to support entrepreneurs. The Shanghai Composite Index is down 0.5% and Hong Kong’s Hang Seng Index is 1% lower. Australia’s All Ordinaries Index extended losses 1.3% despite the Australian dollar’s slowing slide against the greenback.
Brent down despite unexpected US crude stocks dip
Brent futures prices edging lower today. Prices ended higher yesterday as the Energy Information Administration reported that US crude stockpile fell 0.5 million barrels last week. Yesterday the American Petroleum Institute reported that US crude supplies rose by 3.5 million barrels. Prices advanced: February Brent crude rose 1.7% to $57.42 a barrel on Wednesday.