European shares fall after Powell nomination plunges US stocks

Global stocks slid on Tuesday following declines on Wall Street as traders weighed Joe Biden’s nomination of Jay Powell for a second term as Federal Reserve Chief and the further rise in schools. cases of coronavirus across Europe

The Stoxx Europe 600 in the region opened about 0.9 percent lower, with benchmarks in Germany and France both falling around that range. London’s FTSE 100 fell 0.3%.

The S&P and Nasdaq Composite ended the previous session down 0.3% and 1.3%, respectively. Tech stocks are seen as more sensitive to rising interest rates, and Fed policy is expected to be more aggressive Powell is the head of the US central bank against his running candidate, Lael Brainard, whom Biden chose for vice president.

Futures that track Wall Street’s blue-chip S&P 500 index fell nearly 0.4%, suggesting that US stocks could come under more pressure as they open in New York. Contracts that track the Nasdaq 100 index fell 0.5%.

European shares also closed lower on Monday, after several countries last week were forced to re-impose pandemic restrictions due to a high number of coronavirus infections. The new curbs have led to many protests over the weekend.

Asian markets fell slightly on Tuesday, with the MSCI Asia Pacific index down 0.3%. Hong Kong’s Hang Seng market share index fell 1.1%, undervalued by technology and healthcare shares among other sectors. China’s CSI 300 index was flat, as educational and academic services as well as real estate stocks helped curb a decline in the consumer and technology cycles.

In the government debt market on Tuesday, the yield on the 10-year US Treasury note was steady. Yields on Ben Duc equivalent rose 0.01 percentage points to negative 0.29%.

In terms of currencies, meanwhile, the euro traded at its closest relative to the dollar since July 2020 – up 0.2% at around $1.125.

The Turkish lira hit its weakest point against the US dollar after President Recep Tayyip Erdogan hailed a 1 percentage point rate cut last week and said his country is fighting a ” economic war for independence”. Last week, Turkey cut interest rates to 15%, despite annual inflation at 20%.

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