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Stocks take a knock on central banks joining Fed’s long game with hikes

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Markets get disappointed again by recurring pattern of central banks not ready to turn into doves on cooling data

London/Tokyo — Global shares slid for a second day on Thursday as major central banks deliver their final policy decisions of the year, with the US Federal Reserve signalling that it expects interest rates to stay higher for longer.

And next up is the Bank of England, which is expected to raise rates by half a point to 3.5% at 1200 GMT. Just more than an hour later, the European Central Bank will also announce its rate decision. “It seems to be a recurring pattern and I would imagine one that’s going to continue as we go through Q1 of 2023 as well, so it’s a combination of a market getting ahead of itself and some profit-taking, but I don’t think it’s necessarily the start of an ominous downward trend,” she said.

In Europe, equities tumbled and bond yields ticked higher. The STOXX fell by 1.2% as heavyweight stocks across sectors sank.

 

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