European, Asian and Gulf stocks fell today, Wednesday, to recover Wall Street Leaks Strong after US inflation data came in above expectations, they reinforced expectations of a larger interest rate hike in the Federal Reserve (US central bank) next week.
All Gulf market indices fell in trading today, Wednesday, as the Saudi stock market index fell 1.12%, to 11,949 points.
The Dubai Financial Market Index fell by 1.04 to 3421 points, the Abu Dhabi Market Index by 0.18% to 9,968 points and the Kuwait Stock Exchange Index by 0.34. %, at 8,460 points.
The Muscat Stock Exchange Index fell by 0.14%, the Bahrain Market Index by 0.01% and the Qatar Stock Exchange Index by 1.96%, to 13,054 points.
Japanese equities suffered their biggest decline in three months on Wednesday, following Wall Street’s overnight losses, as reports of the Bank of Japan’s apparent intention to intervene in the currency market weighed on sentiment.
The Nikkei Index fell 2.95% shortly after opening and closed 2.78% lower at 27,818 points, after the Nikkei newspaper reported that the Bank of Japan conducted an interest rate check. in a clear prelude to the intervention in the currency market in a sharp decline in the value of the yen.
The broader Topix closed down 1.97%, the worst day since June 13.
In European markets, the Stoxx 600 index fell 0.3%, by 07:14 GMT, and the technology sector index fell 0.4%. The banking sector index rose 0.1%.
Data on Tuesday revealed that US consumer prices rose more-than-expected in August and the Federal Reserve is expected to raise interest rates by 75 basis points for a third time next Wednesday.
The retail companies index jumped 2.3% and the sector was the highest, after the share of Inditex, the Spanish owner of the Zara brand, jumped 5%. The Spanish index rose 0.3% and was among the few bullish indicators in Europe.
Inditex recorded a 24.5% jump in half-yearly sales and year-over-year earnings at the end of July on a positive note before apparel demand began to weaken last month due to rising inflation.
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