Stock prices in the US and Europe fell on Wednesday as concerns over higher oil prices and possible further interest rate hikes dampened investor sentiment.
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Surprisingly good data on the activity of the US service sector in August contributed to the increase in the yield of US Treasury bonds, as investors evaluated this data as support for the opinion of the US Federal Reserve System (FRS) that interest rates should remain at a high level for a longer time, “Briefing.com” analysts said.
The European Central Bank (ECB) is expected to announce its latest monetary policy decision next week, followed by the Bank of England and the FRS the week after.
Global crude oil prices continued to rise after Saudi Arabia and Russia announced they were extending cuts in oil production and exports until the end of the year.
The German state statistical office “Destatis” reported on Wednesday that the volume of industrial orders in Germany in July, compared to the previous month, decreased by 11.7%, thus registering a sharper drop than the predicted 4%.
Apple’s share price fell by 3.6% after the Wall Street Journal reported that China is banning the use of the company’s smartphones in central government institutions. Share prices of “Amazon”, “Alphabet” and “Meta” also decreased.
The Dow Jones Industrial Average fell 0.6% to 34,443.19 on Wednesday, the Standard & Poor’s 500 fell 0.7% to 4,465.48, and the Nasdaq Composite fell 1.1% to 13,872.47 points.
London’s FTSE 100 fell 0.2% to 7,426.14 on Wednesday, Frankfurt’s DAX fell 0.2% to 15,741.37 and Paris’ CAC 40 fell 0.8% to 7,194. 09 points.
WTI crude oil rose 1.0% to $87.54 a barrel in electronic trading on the New York Stock Exchange on Wednesday. “Brent” crude oil price on the London Stock Exchange increased by 0.6% to 90.60 dollars per barrel.
On the Dutch exchange “Title Transfer Facility” (TTF), the price of natural gas fell by 9.8% to 31.08 euros per megawatt hour on Wednesday.
The euro rose against the US dollar on Wednesday from $1.0722 to $1.0727 per euro, the British pound against the US dollar fell from $1.2564 to $1.2504 per pound and the US dollar against the Japanese yen fell from 147.72 to 147.67 yen per dollar. The euro rose against the British pound from 85.33 to 85.76 pence per euro.
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2023-09-07 03:53:13
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