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Morning Market Update: More Weakness Ahead

Global markets experienced wild swings overnight on speculation of changes to the U.S. Fed’s stimulus program amid confusing signals from Federal Reserve presidents.

European stocks rose, rebounding from a one-month low, as Federal Reserve Bank of Atlanta President Dennis Lockhart said the central bank is committed to its stimulus program.

The Stoxx 600 Index climbed 0.3% to 300 at the close of trading. In London, the FTSE 100 gained 34 points (+0.5%) to settle at 6559 while the German DAX added 10 points (+0.1%) to close at 8296.

U.S. stocks fell, snapping a streak of 20 straight Tuesday gains for the Dow Jones Industrial Average, as economists predicted the Federal Reserve may reduce stimulus as soon as September.

The S&P 500 fell by nine points (-0.6%) to finish at 1631, erasing an earlier gain of as much as 0.4%. The Dow slid 77 points (-0.5%) to 15178 at the close of trading in New York.

Crude oil fell on forecasts that U.S. fuel supplies grew and as equities declined. July delivery slid 14 cents to settle at $93.31 a barrel on the New York Mercantile Exchange.

Gold swung between gains and losses after rising the most in two weeks in the previous session, as investors weighed the prospect of the U.S. Federal Reserve maintaining asset purchases.

At 11:30am, the Australian Bureau of Statistics will release their quarterly GDP report.

 

Morning Market Update: More Weakness Ahead is a post from: Australian Stock Report Market Pulse Blog