- England pick Ahmed as third spinner for deciding Pakistan Test
- Verreynne century puts South Africa on top, Bangladesh 19-2 at tea
- Navalny's tomb 'covered with fresh flowers every day': widow
- Schauffele targets more success in Japan after major breakthroughs
- Rare Tintin albums go under the hammer in Paris
- Blinken in Israel to push for Gaza truce
- Most markets fall as traders weigh US rates outlook
- Harris and Trump push for every vote with just 14 days to go
- Hyundai Motor India shares dip on debut after record IPO
- South Africa 243-8 at lunch, lead Bangladesh by 137
- Apple CEO visits China for second time this year as sales slump
- Glasgow confirmed as host of 10-sport 2026 Commonwealth Games
- 'Serious business': influencer degree launches in Ireland
- In South Africa, water shortages are the new reality
- Frontline Ukraine cafe offers glimpse of normality as war rages
- In Mozambique, cigars 100% made in Africa
- North Korea UN representative denies Pyongyang sent troops to Russia
- Leipzig host Liverpool under Klopp's looming shadow
- Harvey Weinstein diagnosed with bone marrow cancer: US media
- King Charles caps Australia trip with 'barbie' and Opera House bash
- Tuipulotu named All Blacks captain to face Japan
- Is Musk's million-dollar US voter lottery legal?
- Britain seeking EU trade reset: minister
- Most Asian markets drop as traders weigh US rates outlook
- Wealthy Israelis offer rewards for release of Gaza hostages
- China launches live-fire exercise in Taiwan Strait
- Putin seeks to rival West with high-profile summit
- New Zealand's Williamson out of second India Test
- League convert Suaalii in Wallabies squad for Europe, Skelton returns
- Unsung heroes who saved 1,000 children from Rwanda genocide
- Rwanda orphans build hope from horror 30 years after genocide
- Brest in dreamland after perfect start to debut Champions League campaign
- Flick's revitalised Barca ready for Bayern challenge
- Hurricane leaves six dead in Cuba as power blackout eases
- Peru's ex-president Toledo gets 20 years for corruption
- Chile launches vaccine that neuters dogs for a year
- Toxicology tests show Liam Payne had 'multiple' drugs in system: reports
- WNBA players union opts out of deal, now set to end in 2025
- Harris woos on-the-fence Republicans, Trump tours storm damage
- Power restored to most of Cuban capital after nationwide blackout
- Henderson howler hands Forest victory over Crystal Palace
- Yankees and Dodgers to renew epic rivalry in World Series
- Stock markets mostly slide, oil jumps as China cuts rates
- Parents of Venezuela minors held after election ask UN to intervene
- NBA and Nike extend partnership deal for 12 years
- Israel strikes 300 Hezbollah targets as US urges war's end
- Tourist dreams turn sour after Cuba lights go off
- Italy PM seeks to save Albanian migrant deal amid spat with judges
- Tagovailoa returns to NFL practice Wednesday after concussion
- US infant mortality spiked after right to abortion overturned: study
RIO | -0.63% | 64.95 | $ | |
CMSC | -0.53% | 24.65 | $ | |
SCS | -0.93% | 12.89 | $ | |
CMSD | -0.68% | 24.87 | $ | |
BTI | -0.73% | 34.25 | $ | |
JRI | -0.53% | 13.15 | $ | |
BCC | -2.78% | 137.9 | $ | |
NGG | -1.45% | 67.03 | $ | |
BCE | -0.45% | 33.39 | $ | |
BP | 0.44% | 31.47 | $ | |
RBGPF | 100% | 61.75 | $ | |
RYCEF | 0.27% | 7.42 | $ | |
GSK | -1.02% | 38.16 | $ | |
AZN | -1.06% | 77.44 | $ | |
VOD | -1.35% | 9.63 | $ | |
RELX | -1.13% | 47.63 | $ |
Most markets fall as traders weigh US rates outlook
Most markets fell Tuesday after a negative lead from Wall Street fuelled by profit-taking, while traders try to ascertain the outlook for US interest rates.
Comments from top Federal Reserve officials suggesting they would like to see a slower pace of rate cuts tempered hopes for another bumper cut at the bank's next meeting, while Middle East worries pushed gold to a new record.
With few catalysts to drive business, investors took a step back Tuesday after the Dow and S&P 500 came off all-time highs, with concerns growing that stocks may be overbought and due a correction.
Focus is now on the latest earnings season, with tech titans Alphabet and IBM due to announce over the next two days, while Boeing, Coca-Cola, General Motors and L'Oreal are also in the pipeline.
Bets on another 50-basis-point rate cut by the Fed have been scaled back after a recent run of strong US data including on jobs creation, while a number of decision-makers have looked to temper expectations.
Kansas City Fed boss Jeffrey Schmid backed a slower pace of easing, which he said would allow it to find a neutral level.
"While I support dialling back the restrictiveness of policy, my preference would be to avoid outsized moves, especially given uncertainty over the eventual destination of policy and my desire to avoid contributing to financial market volatility," he said in prepared remarks Monday.
He was joined by his Dallas counterpart Lorie Logan and Minneapolis Fed boss Neel Kashkari, who wanted officials to proceed carefully.
Still, San Francisco president Mary Daly saw the bank continuing to cut, saying: "So far, I haven't seen any information that would suggest we wouldn't continue to reduce the interest rate."
After the tepid lead from Wall Street, Asia struggled.
Tokyo dropped more than one percent, even as the yen softened against the dollar to sit at its weakest level since early August.
Hong Kong extended Monday's losses, while London, Paris, Sydney, Seoul, Singapore, Wellington, Mumbai, Bangkok, Taipei and Jakarta also fell.
However, Shanghai rose, with dealers hoping for more stimulus from China's government after a slew of announcements over the past month. Frankfurt also rose.
Gold continued to rise to new highs, hitting a record $2,740.59 at one point on Tuesday, as traders sought out the safe haven amid worries about the Middle East crisis as Israel considers its response to Iran's missile barrage this month.
Uncertainty over the US presidential election next month has also helped fuel bullion's rally.
Concerns about a possible wider conflict in the Middle East lifted oil prices at the start of the week, though they dipped slightly in Asian trade Tuesday.
- Key figures around 0710 GMT -
Tokyo - Nikkei 225: DOWN 1.4 percent at 38,411.96 (close)
Hong Kong - Hang Seng Index: DOWN 0.1 percent at 20,464.21
Shanghai - Composite: UP 0.5 percent at 3,285.87 (close)
London - FTSE 100: DOWN 0.3 percent at 8,297.34
Euro/dollar: UP at $1.0827 from $1.0818 on Monday
Pound/dollar: UP at $1.3009 from $1.2982
Dollar/yen: DOWN at 150.71 yen from 150.82 yen
Euro/pound: DOWN at 83.21 pence from 83.30 pence
West Texas Intermediate: DOWN 0.1 percent at $70.50 per barrel
Brent North Sea Crude: DOWN 0.4 percent at $74.02 per barrel
New York - Dow: DOWN 0.8 percent at 42,931.60 (close)
G.Schulte--BTB