stocks drop dollar firms on fed outlook
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle

Stocks drop, dollar firms on Fed outlook

Themuslimchronicle, themuslimchronicle

Themuslimchronicle, themuslimchronicleStocks drop, dollar firms on Fed outlook

US president Donald Trump
Washington - AFP

Stock markets mostly slid and the dollar firmed Thursday as investors reacted to the Federal Reserve's outlook on US interest rates and a slump for oil prices overnight.

Traders were spooked also by a report that US President Donald Trump was being investigated for possible obstruction of justice, analysts said.

Mining companies were among the biggest fallers, with Anglo American shares crashing nearly seven percent in London.

"The European markets all pulled back this morning, with the latest oil-decline putting pressure on the commodity sector," said Spreadex analyst Connor Campbell.

London's FTSE 100, down almost 1.0 percent nearing midday, took a knock along with the pound also from weak British retail sales data, traders said.

Markets were awaiting an update from the Bank of England, widely expected to keep its main interest rate at a record-low 0.25 percent for a while longer with Britain's economy starting to cool after holding up well following last year's vote in favour of Brexit.

On Wednesday meanwhile, the Federal Reserve raised its benchmark interest rate by a quarter point to 1.0-1.25 percent.

The US central bank said it expected to lift borrowing costs for a third time this year, brushing aside weaker inflation and consumption data in recent weeks.

"The Fed was unequivocally hawkish," said AxiTrader chief market strategist Greg McKenna.

It plans also to suck cash out of the financial system by scaling back the bonds on its balance sheet.

Oil prices meanwhile steadied Thursday after slumping three percent overnight on data showing a smaller-than-forecast drop in US stockpiles -- and after the International Energy Agency warned that global output would increase faster than demand next year on rising US production.

The news followed the OPEC cartel's warning that higher US output was hurting its drive to address a long-running supply glut.

Both main crude contracts extended losses in Thursday's Asian trading hours before steadying.

Markets were given a jolt also by a Washington Post story saying top intelligence officials would be questioned over allegations Trump tried to get the FBI to back away from a probe into former national security adviser Michael Flynn.

The news comes as special prosecutor Robert Mueller looks into allegations of collusion between Trump's campaign and Russia to sway the outcome of last year's presidential election.

The report added to concerns the tycoon's planned big-spending, tax-cutting, deregulating agenda -- which helped fuel a months-long global shares rally from November -- could flounder.

Traders were sent scurrying last month when sacked FBI chief James Comey also said Trump had urged him to lay off Flynn. The White House has denied all the claims.

The crisis engulfing the president, and the uncertainty that has brought, has kept investors on edge for months.

- Key figures around 1000 GMT -

London - FTSE 100: DOWN 0.8 percent at 7,414.02 points

Paris - CAC 40: DOWN 0.9 percent at 5,194.31

Frankfurt - DAX 30: DOWN 0.8 percent at 12,705.48

EURO STOXX 50: DOWN 0.9 percent at 3,516.16

Tokyo - Nikkei 225: DOWN 0.3 percent at 19,831.82 (close)

Hong Kong - Hang Seng: DOWN 1.2 percent at 25,565.34 (close)

Shanghai - Composite: UP 0.1 percent at 3,132.49 (close)

New York - Dow: UP 0.2 percent at 21,374.56 (close)

Euro/dollar: DOWN at $1.1180 from $1.1220 at 2100 GMT

Pound/dollar: DOWN at $1.2705 from $1.2758

Dollar/yen: UP at 109.74 yen from 109.54 yen

Oil - West Texas Intermediate: DOWN six cents at $44.67 per barrel

Oil - Brent North Sea: UP three cents at $47.03

themuslimchronicle
themuslimchronicle

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

stocks drop dollar firms on fed outlook stocks drop dollar firms on fed outlook

 



Themuslimchronicle, themuslimchronicle

GMT 06:29 2018 Sunday ,21 January

500 new trainees join US-backed Syria border force

GMT 10:31 2017 Sunday ,20 August

the history of solar eclipses

GMT 16:36 2017 Tuesday ,05 December

Gulf Air launches Bahrain Tourist Visa Service

GMT 03:19 2012 Saturday ,15 September

FREEDOM

GMT 06:56 2014 Friday ,12 September

No winners in Gaza

GMT 22:30 2012 Monday ,16 July

Sudan ruling party says protests \'ridiculous\'

GMT 07:09 2012 Wednesday ,20 June

Sudan and South Sudan border tensions

GMT 12:02 2012 Tuesday ,17 April

What the Living Do

GMT 17:33 2017 Saturday ,25 March

Caceres recalled to Paraguay squad for Brazil clash

GMT 17:18 2017 Tuesday ,19 December

Bahrain weather forecast

GMT 09:35 2017 Sunday ,29 October

Actress Annabella Sciorra accuses Weinstein of rape

GMT 13:43 2017 Thursday ,16 November

People Magazine names Blake Shelton 'sexiest man alive'

GMT 18:10 2017 Monday ,17 April

GCC Secretary-General Condemns Syria Blast

GMT 13:15 2017 Wednesday ,15 February

Inherited the talent to draw on glass

GMT 14:35 2017 Saturday ,25 March

Dar Essalam to Host Two Golf Competitions

GMT 07:22 2016 Saturday ,09 July

Gunfire near presidential palace in South Sudan

GMT 10:42 2017 Wednesday ,16 August

Chinese teen Internet addict dies

GMT 13:51 2017 Thursday ,21 September

King Salman meets with former Turkish president

GMT 09:31 2017 Wednesday ,29 March

NPRA holds training course

GMT 08:18 2017 Thursday ,14 December

Twitter makes 'tweetstorms' easier

GMT 17:19 2012 Thursday ,12 January

New electric-car racing championships
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
 
 Themuslimchronicle Facebook,themuslimchronicle facebook  Themuslimchronicle Twitter,themuslimchronicle twitter Themuslimchronicle Rss,themuslimchronicle rss  Themuslimchronicle Youtube,themuslimchronicle youtube  Themuslimchronicle Youtube,themuslimchronicle youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

muslimchronicle muslimchronicle muslimchronicle muslimchronicle
themuslimchronicle themuslimchronicle themuslimchronicle
themuslimchronicle
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
themuslimchronicle, themuslimchronicle, themuslimchronicle