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Premarket: World stocks uneasy as markets await Powell testimony

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Fed chair Jerome Powell is scheduled to give the first of two days of testimony on Wednesday, with traders looking for direction on where rates are headed

data and a further slump in European real estate, as markets await direction from Federal Reserve Chair Jerome Powell.

The uncertainty nudged S&P 500 futures and Nasdaq futures down 0.1%, following a 0.2% dip in Europe’s benchmark STOXX index and a 1% fall in MSCI’s broadest index of Asia-Pacific shares outside Japan. That lack of urgency should limit any bounce in the yen and kept the dollar underpinned at 141.80 yen, only just off Tuesday’s seven-month high of 142.26.The single currency was flat on the dollar at $1.0916, while sterling firmed slightly as hotter-than-expected inflation data raised expectations of bigger central bank rate hikes.

The latest figures make British inflation the highest of any major advanced economy once again, and sent the domestically focused FTSE 250 index down 0.9% to its lowest level in 11 weeks.

 

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