Published On: Wed, Feb 28th, 2018

Equities Fall After Powell Testimont

Posts Worst Daily Drop In About 3 Weeks

US stock indices reversed earlier gains and ended lower hawkish comments by Federal Reserve Chair Jerome . The fell 1.3% to 2744.28. lost 1.2% to 25410.03. The index dropped1.2% to 7330.35. The resumed strengthening: 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, rose 0.6% to 90.35. Futures on main US stock indices point to lower openings today.

European Stocks Pull Back

European stocks turned lower on Tuesday as Federal Reserve Chairman Jerome Powell’s upbeat assessment of the US economy revived concerns the Fed may increase more aggressively than currently expected. Both and resumed the slide against the dollar. The lost 0.2% led by consumer goods and telecom shares. The German closed 0.3% lower at 12490.73. France’s slipped 0.01% and UK’s dipped 0.1% to 7282.45. Indices opened 0.3%-0.5% lower today.

Asian indices Fall On Weak Data

Asian stock indices are falling with weak Chinese and Japanese data adding to rate hike concerns spurred by Fed Chair Powell’s hawkish comments. extended losses closing 1.4% lower at 22080.50 as turned higher against the dollar supported by Bank of Japan’s decision to trim purchases of super long bonds. The sentiment was hurt also by the biggest tumble in Japan’s industrial output in January since the March 2011 earthquake. Chinese stocks are falling after the report the pace of growth in China’s fell sharply in February as plants closed for the Lunar New Year and demand for Chinese exports dipped: the is down 1% and Hong Kong’s is 1.4% lower. Australia’s is down 0.7% as resumed advancing against the greenback.

Down On Higher US Output

prices are stable today. Prices fell yesterday on concerns over growth in US domestic output and expectations of build in US crude stocks. The American Petroleum Institute late Tuesday report indicated US rose by 0.9 million barrels to 421.2 million last week. Today at 16:30 CET the Energy Information Administration will release US .

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