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Global stocks head for third straight session of losses

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Dollar gains as US data strengthens the view that the Fed might stick with aggressive interest rate rises for longer

An employee passes share price information displayed on an electronic ticker board inside the London Stock Exchange Group Plc's offices in London, UK. File photo: BLOOMBERG via GETTY IMAGES/LUKE MACGREGOR

The oil and gas sector was lower after an almost 3.5% slide in crude oil prices overnight. Shell, BP and TotalEnergies were each down about 1%, and among the biggest drags on the pan-European index. “A reassuring trend was in place — policy tightening, leading to growth slowdown leading to slower inflation — which allowed this correction in risk assets and the dollar,” said Samy Chaar chief economist at Lombard Odier.

The dollar held firm against most peers on Tuesday — at 136.6 yen, steady after a 1.8% jump the previous day, thanks in part to the services data, while the euro was at $1.0493 having fallen 0.45% the previous day.

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