European shares tumble amid Fed uncertainty FMTNews FMTBusiness
LONDON: European shares tumbled to a more than one-month low on Friday as uncertainty regarding US monetary policy gripped investors, with bank stocks sinking 4.5% after a warning from a US bank spurred worries about stress in the sector.
The pan-European STOXX 600 index fell 1.3%, with HSBC, Deutsche Bank, Barclays, Unicredit and Commerzbank down between 4.9% and 6.7%. The European banking index hit a six-week low after US tech-industry lender SVB Financial Group launched a share sale to shore up its balance sheet due to declining deposits from start-ups struggling for funding.
All eyes are on US non-farm payrolls data due later in the day following volatility spurred by a sharp rise in US jobless claims and a decline in Wall Street bank shares, which tempered bets that the Federal Reserve may have to go big with this month’s interest rate hike. February payrolls data, due at 1330 GMT, is expected to show an increase of 205,000 after January’s blowout 517,000 figure. Any surprise to the upside is seen strengthening bets for continued aggressive interest rate hikes.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Banjir: Bank-bank tawar bantuan, moratoriumAntara bank yang tampil menawarkan bantuan ialah AmBank, Bank Simpanan Nasional (BSN), Al-Rahji, CIMB, OCBC Bank dan Hong Leong Bank.
Read more »
Sabah will benefit from MATTA MoUs with European travel groups, says LiewKOTA KINABALU: Sabah stands to gain from the spillover of a recent memorandum of understanding Malaysia signed with three European travel agencies in Berlin.
Read more »
Ringgit falls against greenback after hawkish talk from Fed chairmanRinggit hurt by prospect of higher US interest rates after Jerome Powell’s hawkish statement.
Read more »
Ringgit falls to 4.52 against greenback after hawkish talk from Fed chairmanKUALA LUMPUR: The ringgit gave up its gains in the last two days to close sharply lower against the greenback today after hawkish talk on the American interest rate outlook from US Federal Reserve (Fed) chairman Jerome Powell.
Read more »
Ringgit falls to 4.52 against greenback after hawkish talk from Fed chairmanKUALA LUMPUR, March 8 — The ringgit gave up its gains in the last two days to close sharply lower against the greenback today after hawkish talk on the American interest rate...
Read more »