- Carey takes Australia to 270 in 2nd ODI against England after collapse
- Two Hezbollah leaders killed in Israel's Beirut strike
- Hungary Danube waters reach decade high after Storm Boris
- Bagnaia cuts Martin's MotoGP lead with Emilia-Romagna sprint win
- Jackson double fires Chelsea to victory at woeful West Ham
- Fiji beat Japan to lift Pacific Nations Cup
- Kasatkina to face Haddad Maia in Korea Open final
- S.Africa snowfall closes roads, strands motorists overnight
- Lawyers of women alleging Al-Fayed sex abuse receive over 150 new enquiries
- President Museveni's son backs Ugandan strongman for 7th term
- Norris quickest as Verstappen bounces back in Singapore practice
- Wallabies lament All Blacks' fast start
- Germany's Oktoberfest opens under tight security after attacks
- Environmental protesters block French cruise liner port
- Hezbollah in disarray after Israeli strike kills top commanders
- No place like home: Biden hosts 'Quad' leaders
- One dead, 7 missing as heavy rains trigger floods in central Japan
- Zelensky says no UK, US go-ahead to use long-range missiles
- New Zealand edge Australia 31-28 in Bledisloe Cup thriller
- Japan orders evacuations as heavy rains trigger floods in quake-hit area
- New Zealand pilot freed in Indonesia after 19 months in rebel captivity
- Hezbollah in disarray after Israeli air strike kills top commanders
- Leading climate activist released from Vietnam jail
- Ethiopians struggle with bitter pill of currency reform
- Sri Lanka votes in first poll since economic collapse
- Feminist author warns of abortion disaster if Trump wins US election
- US city of Flint still reeling from water crisis, 10 years on
- Arsenal's mean defence faces acid test to shut out Man City again
- Late surge lifts Thailand's Jeeno to LPGA Queen City lead
- DeChambeau says PGA's Ryder Cup decision 'just the start'
- Alcaraz defeated on Laver Cup debut
- Postecoglou embraces 'struggle' to make Spurs a success
- Nice hand 'ashamed' Saint-Etienne 8-0 Ligue 1 mauling
- Boeing CEO says ending strike 'a top priority'
- Stock markets mostly fall after Fed-fueled rally
- Harris slams Trump for hypocrisy on abortion as US starts voting
- Academy to host first overseas ceremony to honor young filmmakers
- No doctor necessary: US okays nasal spray flu vaccine for self-use
- Gurbaz, birthday boy Rashid lead Afghanistan to 177-run rout of South Africa
- Former delivery man Baldwin leads star names at PGA Championship
- Trump shooting: Secret Service admits complacency
- Can an ambitious Milei make Argentina an AI giant?
- Haiti, its suffering growing, in 'race against time': UN expert
- Ibrahim Aqil, the Hezbollah elite unit commander wanted by the US
- Chinese forward Cui signs NBA contract with Brooklyn Nets
- US Fed dissenter calls for 'measured' pace of rate cuts
- Guardiola tells players to lead change over workload as Kompany demands cap on games
- Norway limits wild salmon fishing as stocks hit new lows
- Top Hezbollah commander killed in Israeli strike on Beirut
- Rotterdam fatal knife attacker suspected of 'terrorist motive'
Stocks wilt as investors brace for US Fed tightening
US and European stocks retreated Thursday after minutes from central banks showed US policymakers ready to aggressively wind back easy-money policies while their eurozone counterparts disagreed over their own way forward.
Meanwhile, oil prices continued to slide following heavy losses on Wednesday that had been triggered by concerns about weaker demand because of economic slowdown, with Brent crude falling below $100 per barrel.
A surge of Covid cases in major consumer China has raised concerns about demand, as has the surge in prices following the Russian invasion of Ukraine and Western sanctions.
On Wall Street all three major stock indices were lower in late morning trading, with Dow dropping 0.7 percent.
In Europe, London and Frankfurt ended the day down 0.5 percent, while Paris shed 0.6 percent.
Minutes showed the Fed in March opted to raise US borrowing costs rates by a quarter percentage point, mindful of "greater near-term uncertainty associated with Russia's invasion of Ukraine".
But some policymakers had favoured lifting rates even higher, by half a percentage point, to rein in decades-high inflation which is threatening to derail the economic recovery.
"Last night’s Fed minutes have recommitted the central bank to its path of tightening policy, leaving equities vulnerable in the short term after the bounce from the March lows," said Chris Beauchamp, chief market analyst at online trading platform IG.
- Inflation fight -
At their own meeting last month, European Central Bank policymakers disagreed on how to respond to runaway inflation and economic uncertainty caused by Russia's invasion of Ukraine, minutes indicated Thursday.
"A large number of members held the view that the current high level of inflation and its persistence called for immediate further steps towards monetary policy normalisation," the minutes read.
The ECB's governing council played it safe at the March meeting, agreeing to wind down monthly bond purchases at an accelerated pace in the second quarter, while keeping the end date of the stimulus scheme flexible.
An interest rate hike would follow "some time" after the end of the bond-buying scheme, it said.
But the minutes revealed that some governors wanted to go further to combat inflation, as the war in Ukraine further pushes up prices for energy, food and raw materials.
The prospect of rates rising at a quicker pace over the coming months has added to a wave of uncertainty across trading floors.
Central banks across the world are under fierce pressure to tackle runaway inflation, which has soared further on a Ukraine-driven spike in commodities like gas, oil and wheat.
March was the first Fed hike since it slashed US rates to zero when the Covid-19 pandemic broke out two years ago.
Although current US data points to a healthy economy, commentators warn of possible hard times ahead.
"While the economy continues to grow, there is a clear lack of bullish momentum in this market at the moment," said IG's Beauchamp.
- Key figures around 1530 GMT -
New York - Dow: DOWN 0.7 percent at 34,240.39 points
EURO STOXX 50: DOWN 0.6 percent at 3,802.10
London - FTSE 100: DOWN 0.5 percent at 7,551.81 (close)
Frankfurt - DAX: UP DOWN 0.5 percent at 14,078.15 (close)
Paris - CAC 40: DOWN 0.6 percent at 6,461.68 (close)
Tokyo - Nikkei 225: DOWN 1.7 percent at 26,888.57 (close)
Hong Kong - Hang Seng Index: DOWN 1.2 percent at 21,808.98 (close)
Shanghai - Composite: DOWN 1.4 percent at 3,236.70 (close)
Brent North Sea crude: DOWN 2.3 percent at $98.73 per barrel
West Texas Intermediate: DOWN 2.1 percent at $94.23 per barrel
Euro/dollar: UP at $1.0903 from $1.0896 late Wednesday
Pound/dollar: DOWN at $1.3063 from $1.3069
Euro/pound: UP at 83.46 pence from 83.37 pence
Dollar/yen: UP at 123.87 yen from 123.80 yen
burs-rl/cdw
R.Adler--BTB