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European and Asian stocks fall further after Wall Street plunge

European and Asian stocks suffered further declines on Wednesday after Wall Street suffered its worst day since December as the prospect of further significant interest rate hikes by major central banks worried investors. .

The recent plunge was due to stronger-than-expected US and European economic data, which said borrowing costs on both sides of the Atlantic would need to rise further and remain high for a prolonged period to keep inflation under control. Expectations are growing. Investors on Wednesday will be on the lookout for the release of the latest US Federal Reserve Board of Governors minutes, which saw the benchmark rate hike his 0.25 percentage points.

In Europe on Wednesday, the region-wide Stox 600 and France’s CAC 40 fell 0.8%, while Germany’s Dax fell 0.7%. London’s FTSE 100 is down his 1%.

Jack Allen Reynolds, deputy chief eurozone economist at Capital Economics, said it was “not a big surprise” that this week’s strong survey of business activity in the US and eurozone sent stocks lower. . “We live in a world where good news is bad news, so strong PMIs make investors expect a higher peak in interest rates.

On Tuesday, the S&P Global Eurozone Composite Purchasing Managers Index was 52.3, beating expectations of 50.7. Meanwhile, the comparable U.S. index hit an eight-month high of 50.2, beating market expectations of 47.5.

US stocks then posted their worst day in two months. Wall Street’s blue chip S&P 500 index fell his 2%, Regression in all sectorsThe tech-focused Nasdaq Composite fell 2.5%. Since December 15th, both indexes have recorded their biggest single-day declines.

The futures market showed a slowdown in selling at the opening of the US market on Wednesday. His Nasdaq-tracking futures on the S&P 500 and tech stocks fell 0.1%.

SPI Asset Management managing partner Stephen Innes said the strong data showed “significant momentum behind the growing consensus that the Fed will hold rates longer in a stronger economic environment.” said.

In currency markets, the euro fell 0.2% against the dollar on Wednesday, while the Dollar Index, which measures the US dollar against six peer currencies, rose 0.1%.

In the past, Asian stocks have followed Wall Street’s decline. Japan’s benchmark Topix index fell 1.1%, China’s CSI 300 index listed in Shanghai and Shenzhen fell 0.9% on Wednesday, and Australia’s S&P/ASX 200 fell 0.3%.

In Hong Kong, the benchmark Hang Seng Index plunged to 0.5 after the government announced it would distribute consumption vouchers worth HK$5,000 (US$640) to all adult residents to help the city recover from the economic crisis. It ended with a % drop. slump.

In the sovereign bond market, the benchmark 10-year Treasury yield fell 0.01 percentage point to 3.94%, but remained near its highest level since November on expectations that the Fed will continue to be forced to raise rates. rice field.

Yields on interest-rate-sensitive 2-year bonds fell 0.02 percentage points to 4.68% after hitting a three-month high on Tuesday.

“Comparing sentiment to a month ago, people expected the Fed to have little room left to raise rates,” said Dickie Wong, head of research at Kingston Securities. It may not ease, and it looks like the Fed will have to hike rates repeatedly.”

Brent crude fell 1% to $82.17 a barrel and US WTI fell 1.1% to $75.50.

https://www.ft.com/content/a03cc685-63be-4c62-8dd6-0c63321d31db European and Asian stocks fall further after Wall Street plunge

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