US stocks drop as CPI runs hot, pointing to rate spike

US stocks tumbled, with the Dow down more than 700 points near 2.40pm in New York, as faster-than-expected inflation opens the door wider to higher interest rates.

Traders see 50-50 odds of the Federal Reserve raising rates by three-quarters of a percentage point in July, while economists at Barclays and Jefferies say this move could come as early as next week. The University of Michigan’s preliminary June sentiment index fell to 50.2, from 58.4 in May, data released Friday showed. The figure was weaker than all estimates in a Bloomberg survey of economists which had a median forecast of 58.1.AUD -0.7% to 70.51 US centsP 500 -2.25% Nasdaq -3.03%In Europe: Stoxx 50 -3.4% FTSE -2.1% CAC -2.7% DAX -3.1%Iron ore -1.6% to $US141.55 a tonneUnited States

The brokerage also lowered its ratings on e-commerce platform eBay and online gaming firm Roblox to “sell” from “neutral”.Netflix is now a “show-me story”, Goldman said, as it cut revenue estimates for 2022-2023.European shares slumped 2.7 per cent on Friday. Losses on the pan-European STOXX 600 index were broad-based, led by a 4.8 per cent slide in banks.

Italy’s MIB index sank 5.2 per cent to three-month lows. Spain’s IBEX gave up 3.7 per cent, while other major bourses in the region lost more than 2 per cent each.Investors pulled out money from European equity funds in the week to Wednesday, marking the 17th consecutive week of outflows, due to uncertainties related to the Russia-Ukraine war, BofA said.

Belgique Dernières Nouvelles, Belgique Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

Donald Trump to testify in New York investigation into his business practicesIvanka Trump and Donald Trump Jr will also testify in attorney general Letitia James’ inquiry into Trump Organization Check out the goose on the right. He's lying about that, or he'll turn up and lie. Well we all hated the orange man when he was in office, but then when you see his replacement you realise whilst a bit nuts, just how damn good he actually was in comparison.. Biden is destroying the USA
La source: GuardianAus - 🏆 1. / 98 Lire la suite »

Property market fears wipe $46b off bank sharesThe big banks were smashed again on Thursday as investors bet mortgage volume growth would fall as lending restrictions get tighter.
La source: FinancialReview - 🏆 2. / 90 Lire la suite »