Rate Cut Uncertainty, Growth Worries Hurt Market Sentiment

Rate cut hopes declined sharply as hawkish hints from central banks dampened market sentiment. Higher-than-expected inflation readings from the U.K. and less-than-expected growth readings from China also weighed on market mood.

Wall Street Futures are trading with losses. Major European benchmarks plunged amidst hawkish comments from ECB leadership. Asian stocks also finished trading on a heavily negative note amidst disappointing growth readings from China.

Dollar Index continued to gain as Fed hints triggered a scaling back of rate cut expectations. Bond yields moved in a mixed fashion. Oil prices slipped amidst disappointment over China’s growth numbers. Gold prices declined amidst a strong Dollar. Cryptocurrencies are trading on a mixed note.

Here is a glimpse of the major world markets at this hour.

Stock Indexes:

DJIA (US30) at 37,217.90, down 0.38%
S&P 500 (US500) at 4,742.50, down 0.43%
Germany’s DAX at 16,393.06, down 1.08%
U.K.’s FTSE 100 at 7,433.51, down 1.65%
France’s CAC 40 at 7,312.66, down 1.15%
Euro Stoxx 50 at 4,402.15, down 1.00%
Japan’s Nikkei 225 at 35,477.75, down 0.32%
Australia’s S&P ASX 200 at 7,393.10, down 0.29%
China’s Shanghai Composite at 2,833.62, down 2.09%
Hong Kong’s Hang Seng at 15,276.90, down 3.71%

Currencies:

EUR/USD at 1.0871, down 0.03%
GBP/USD at 1.2669, up 0.26%
USD/JPY at 147.75, up 0.38%
AUD/USD at 0.6549, down 0.52%
USD/CAD at 1.3525, up 0.25%
Dollar Index at 103.49, up 0.13%

Ten-Year Govt Bond Yields:

U.S. at 4.060%, down 0.17%
Germany at 2.2475%, up 1.51%
France at 2.775%, up 1.20%
U.K. at 3.9215%, up 3.14%
Japan at 0.600%, down 1.80%

Commodities:

Brent Oil Futures (Mar) at $76.88, down 1.80%.
Crude Oil WTI Futures (Mar) at $71.08, down 1.99%.
Gold Futures (Feb) at $2,023.85, down 0.31%.

Cryptocurrencies:

Bitcoin at $42,772.74, down 0.59%
Ethereum at $2,548.37, up 0.24%
BNB at $310.39, down 2.35%
Solana at $98.68, up 0.90%
XRP at $0.5714, down 0.65%.

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