Stocks under pressure as investors play terminal rates guessing game

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, June 19, 2023. REUTERS/Staff/FILE PHOTOU.S. dollar climbs and risk-sensitive currencies slideEuro slides as business activity stalls in France, Germany

LONDON, June 23 - Global stocks were poised to end the week lower on Friday as investors bet on interest rates remaining higher for longer to quell stubborn inflation, helping to lift the dollar and send oil tumbling.slowed notably in June, while French business activity contracted this month for the first time in five months.exceeding forecasts in May.

Gold steadied after trading near a three month low and was set for its biggest weekly drop since February as the greenback was buoyed by hints fromwas down 0.38% at 673.66 points, and off 1.6% for the week, though still up 11.5% for the year. "We are probably close to peak terminal interest rates for the Federal Reserve and Bank of England, but there is a feeling that central banks are prepared to risk a recession to try get core prices lower," said Mike Hewson, chief markets strategist at CMC Markets.

"The idea that we get rate cuts in 2024 is starting to give in to the realisation that we are in for a much longer period of rates at current levels, and that is causing a revaluation of stock markets," Hewson said.With a lack of stimulus for China's sputtering recovery, recent unexpected hikes in

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