Global stock markets slump ahead of US debt deal vote
On Wall Street – S&P 500 loses 0.60%, Dow Jones Industrial Average falls 0.4%, Nasdaq Composite drops 0.63%
PremiumGlobal stock markets slumped on Wednesday as US debt limit deal faced backlash from hardline Republican and on weakening Chinese economy.
US stocks fell as investors awaited a crucial vote in Congress on debt deal.
The S&P 500 lost 25.39 points, or 0.60%, at 4,180.13. The Dow Jones Industrial Average fell 131.88 points, or 0.4%, at 32,910.9. The Nasdaq Composite dropped 82.14 points, or 0.63%, at 12,935.29.
The labor department reported that US job openings unexpectedly rose in April, pointing to persistent strength in a labor market that suggests pressure on both wages and inflation.
The yield on the 10-year treasury fell to 3.62% from 3.70% late Tuesday. The 2-year yield fell to 4.39% from 4.46%.
Currencies
The US dollar fell to 139.32 Japanese yen from 139.87. The euro fell to $1.0673 from $1.0719.
Europe
European stocks declined on Wednesday on concerns about a global slowdown.
The pan-European STOXX 600 index closed 1.1% lower, after hitting its lowest level since March 30.
Britain’s FTSE 100 fell 1% at 7,446.14.
Germany’s DAX lost 1.5% at 15,664.02. France CAC 40 shed 1.5% at 7,098.70.
A report showed inflation in the eurozone's top economies, Germany and France, cooled sharply in May.
Asia
In Asia, stock markets fell on slowing Chinese economy on Wednesday.
Hong Kong’s Hang Seng index slipped 1.9% at 18,234.27. China’s Shanghai Composite lost 0.6% at 3,204.56.
Japan’s Nikkei 225 fell 1.4% at 30,887.88.
Australia’s S&P/ASX 200 index toppled 1.6% to close the trade at 7091.3 points. New Zealand's benchmark S&P/NZX 50 index fell 0.6% at 11,813.0 points.
Energy prices
Brent crude for July delivery fell 88 cents to $72.66 a barrel on Wednesday. US crude oil benchmark for July delivery fell $1.37 to $68.09 a barrel.
Natural gas for July delivery fell 6 cents to $2.27 per 1,000 cubic feet.
Bullion
Gold for August delivery rose $5 to $1,982.10 an ounce. Silver for July delivery rose 35 cents to $23.59 an ounce.
"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!
