- Barry Adams
- 21 Nov, 2022
- New York City
Major averages on Wall Street closed lower and investors reviewed comments from the Federal Reserve officials.
San Francisco Fed President Mary Daly said it is premature to rule large-sized rate hike at the next policy meeting in December.
Investors are divided over the size of the rate between those favoring smaller rate hike of 50 basis points, after four back-to-back 75 basis point increases, and those preferring 75 basis points increase to cool 4-decade high inflation near 8%.
- Bridgette Randall
- 21 Nov, 2022
- Frankfurt
Major averages in Europe traded lower after commodities-linked stocks led the decliners on rising coronavirus infections in China.
Geopolitical tensions were also on the rise int the region after Russia escalated bombing around the Zaporizhzhya nuclear power plant.
European markets generally looked beyond an urgent call from the International Atomic Energy Agency "to help prevent nuclear accident" in the Russia-held power plant in Ukraine.
The agency said several parts of the power plant facilities appeared to be damaged but showed no signs of a radiation leak.
The DAX index declined 0.4% to 14,379.93, the CAC-40 index fell 0.2% to 6,634.45 and the FTSE 100 index edged lower 0.1% to 7,376.85.
Markets were also on the defensive after coronavirus infections surged in China, prompting authorities in several cities to impose stricter lockdowns.
In economic news, German producer price inflation in October eased to 34.5% form 45.8% in September, the lowest level in four months, Destatis data showed.
The euro edged slightly lower to $1.02 and the British pound declined to $1.18.
On a monthly basis, the producer prices declined 4.2% in October, reversing the gain of 2.3% in September.
The yield on 10-year German Bunds held steady at 2.024%, French bonds eased to 2.46%, the UK Gilts inched lower to 3.179% and Italian bonds edged up to 3.97%.
Resource stocks were among the leading decliners after commodities prices eased on China demand worries.
Brent crude oil fell as much as $82.11 before recovering to $87.31 a barrel and TTF natural gas futures gained 0.5% to 116.13 per MWh.
BHP Group, Antofagasta and Glencore fell between 1.5% and 2.0% in London trading.
Virgin Money soared 13.5% to 165.15 pence after the British-lender reported better-than-expected full-year results.
The company also announced a stock repurchase program of
- Arjun Pandit
- 21 Nov, 2022
- Mumbai
Asian markets closed lower and inflation worries partly fueled by the rising U.S. dollar coupled with the rising tensions between Russia and NATO nations over the weekend.
The Nikkei index in Tokyo traded sideways and Japanese stocks were in focus after Warren Buffett controlled Berkshire Hathaway increased stakes in five largest trading houses.
Marubeni gained 1.2%, Mitsubishi Corp jumped 4.4%, Mitsui & Co increased 0.2%, Sumitomo Corp advanced 1.2% and Itochu Corp advanced 0.9%.
The Nikkei 225 index edged up 0.2% to 27,944.79, the Shanghai Composite index decreased 0.4% to 3,085.04, the Hang Seng Index dropped 1.9% to 17,655.91 and the Sensex index edged down 0.9% to 61,144.84.
Stocks in India traded lower on general weakness in international markets and rising worries that foreign investors are likely to accelerate funds withdrawal and repatriate on rising U.S. rates.
Archean Chemical advanced 12% to 458.15 rupees after the company raised about $180 million and priced its initial public offering for 407 rupees or $5.0 a share.