London
20 °C
Manchester
Glasgow
20 °C
Dublin
Belfast
Washington
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20 °C
Atlanta
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Houston Texas
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33 °C
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Stocks slip as investors await key Fed speech / Photo: Mandel NGAN - AFP
NYSE - LSE
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| CMSC | -0.09% | 23.42 | $ | |
| CMSD | -0.36% | 23.605 | $ | |
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Stocks slip as investors await key Fed speech
Stock markets mostly fell during cautious trading sessions on Thursday, one day before a key speech expected to offer signals about future interest rate cuts in the United States.
US Federal Reserve Chairman Jerome Powell, who has resisted public demands from President Donald Trump to slash rates, is scheduled to deliver remarks Friday at the annual central bankers conference in Wyoming.
Major European indices were lower in midday trading, tracking a lacklustre session in Asia.
Markets brushed off purchasing managers' index (PMI) data showing eurozone business activity reached a 15-month high in August, while UK activity grew at its fastest pace in a year.
"Eyes are turning to... Powell's final speech at the Jackson Hole Symposium as Federal Reserve Chair," said Susannah Streeter, head of money and markets at Hargreaves Lansdown.
"Although the effect of Trump's tariffs on monetary policy will be the undercurrent theme, investors will be looking specifically for clues as to the Fed's inclination to cut interest rates," she added.
Data last week provided a mixed picture of US inflation, leaving it uncertain whether the Fed will lower rates as many investors expect in September -- a move that could bolster growth in the world's largest economy.
A recent sell-off in major tech stocks has added to market uncertainty, as investors grow wary of a sustained rally across the sector.
Wall Street closed mostly lower on Wednesday, with the tech-heavy Nasdaq falling again as shares in AI chipmaker Nvidia ticked down.
Despite the building unease, shares in Seoul closed higher Thursday, bolstered by an uptick in Samsung's share price.
Shanghai, Sydney and Taipei also saw moderate gains.
Tokyo's Nikkei index closed lower, along with Hong Kong.
Global markets have fluctuated recently on the prospects of a peace deal in Ukraine, following days of high-stakes diplomacy in the aftermath of Trump's Friday meeting with Russian counterpart Vladimir Putin.
But hopes for an imminent end to the war -- started by Moscow's invasion over three years ago -- were tempered on Wednesday after Russia said it must be included in any discussions on security guarantees for Ukraine.
The diplomatic whirlwind has sparked volatility in oil markets as traders speculate over the possible lifting of sanctions on Russia, a major producer.
Oil prices rose again Thursday, following a report the previous day showing a sharp decline in US crude stockpiles.
- Key figures at around 1040 GMT -
London - FTSE 100: DOWN 0.3 percent at 9,259.45 points
Paris - CAC 40: DOWN 0.6 percent at 7,922.03
Frankfurt - DAX: DOWN 0.3 percent at 24,204.62
Tokyo - Nikkei 225: DOWN 0.7 percent at 42,610.17 (close)
Hong Kong - Hang Seng Index: DOWN 0.2 percent at 25,104.61 (close)
Shanghai - Composite: UP 0.1 percent at 3,770.78 (close)
New York - Dow: FLAT at 44,938.31 (close)
Euro/dollar: UP at $1.1649 from $1.1648 on Wednesday
Pound/dollar: UP at $1.3468 from $1.3452
Dollar/yen: UP at 147.89 yen from 147.44 yen
Euro/pound: DOWN at 86.50 pence from 86.59 pence
West Texas Intermediate: UP 0.9 percent at $63.28 per barrel
Brent North Sea Crude: UP 0.8 percent at $67.40 per barrel
B.Bernard--PS
