Today’s Stock Exchanges, June 22nd. Powell effect on the markets, falling price lists
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A downward start for European stock exchanges, still weighed down by the words of Fed chairman Jerome Powell, who yesterday hinted that the pause on rate hikes will only be temporary. The Asian indices were negative, with Tokyo at -0.92%.
In Europe the spotlight is on the Bank of England. The Bank of England is set to raise borrowing costs again today to combat stubbornly high inflation, which has failed to come down from its peak as quickly as expected. Although analysts agree that the central bank will raise the main interest rate by 25 basis points, reaching a new 15-year high at 4.75%, there are fears, especially among borrowers, that it could opt for a more substantial increase of 50 basis points.
The Euro strengthens against the dollar
The euro touched the threshold of 1.1 dollars – levels it hadn’t seen for about a month – to then settle in the 1.0996 dollar area, in any case higher than the start of the European markets (1.0986 dollars) and at the close of the eve (1.0950).
The stock exchanges widen the declines
European stocks broaden declines just under an hour into their fourth straight session in the red. London loses 1.27%, Frankfurt 1.05%, Paris 1.49% and Madrid loses 1.37%. Milan also fell by 1.7%.
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