Stock prices in global markets fell mostly on Tuesday, amid growing investor concerns that US interest rates could remain high for an extended period, harming economic growth.
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All three major Wall Street indexes fell by more than 1%, and most Asian and European stock indexes also fell.
“The rally was not destined to continue,” said OANDA analyst Edward Moya, referring to the rise in Wall Street stocks on Monday after falling for four straight trading sessions.
The US consumer confidence index fell to 103 in September from 108.7 in August, a bigger-than-expected drop.
Stock markets had been on a downward trend since the US Federal Reserve’s (FRS) decision last Wednesday to leave interest rates unchanged, suggesting that interest rates may be raised again this year.
Investor concerns were fueled by a possible shutdown of the US federal government as right-wing Republicans in the House of Representatives block passage of key spending laws.
The US dollar rose against other major currencies.
The Dow Jones Industrial Average fell 1.1% to 33,618.88 on Tuesday, the Standard & Poor’s 500 fell 1.5% to 4,273.53, and the Nasdaq Composite fell 1.6% to 13,063.61 points.
London’s FTSE 100 rose less than 0.1% to 7,625.72 on Tuesday, Frankfurt’s DAX fell 1.0% to 15,255.87 and Paris’ CAC 40 fell 0.7% to 7074.02 points.
WTI crude oil rose 0.8% to $90.39 a barrel in electronic trading on the New York Stock Exchange on Tuesday. The price of “Brent” crude oil on the London Stock Exchange increased by 0.7% to 93.96 dollars per barrel.
On the Dutch exchange “Title Transfer Facility” (TTF), the price of natural gas fell by 9.3% to 40.32 euros per megawatt hour on Tuesday.
The euro was down from $1.0593 to $1.0575 per euro on Tuesday, the British pound was down from $1.2211 to $1.2158 per pound, and the dollar was up against the Japanese yen from 148.88 to 149.08 yen per dollar. The euro rose against the British pound from 86.74 pence to 86.96 pence per euro.
2023-09-27 04:31:33
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