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Stocks slide on U.S. debt ceiling and inflation woes

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Stocks lurched downwards on Wednesday as U.S. debt ceiling negotiations dragged on without resolution, stoking a general malaise in markets that saw safe haven assets like the dollar and gold hold near recent highs.

Crude oil prices kept rising, though, after a warning from the Saudi energy minister to speculators that raised the prospect of further OPEC+ output cuts.

Market pricing had favoured a half-point hike, and traders were also primed for an extension of the tightening streak.U.S. equity futures suggested Wall Street would inherit the sour market mood from Europe, with S&P 500 and Nasdaq futures down around 0.2%. Reports that Treasury has asked federal agencies whether they can delay upcoming payments added to the sense of crisis.

 

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