SINGAPORE / LONDON (IT BOLTWISE) – Global stock markets are under pressure as hopes of an imminent interest rate cut by the US Federal Reserve fade. Hawkish comments from Fed officials and unclear economic data add to the uncertainty. Investors react by selling, while bond markets also record losses.
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Global stock markets fell sharply after hawkish comments from US Federal Reserve officials dampened expectations of an imminent interest rate cut. Stock prices fell sharply in Asia, with the Nikkei down 2% and the South Korean market down 3.6%. The development follows a decline on Wall Street that ended its longest winning streak since April.
Uncertainty about the Fed’s interest rate policy is compounded by the lack of clear economic data. The US government has announced that October’s labor market data may not be available, further complicating the Fed’s decision-making. As a result, expectations of a rate cut in December have fallen from 63% to 51%.
Bond markets also responded to the uncertainty. Two-year US Treasury yields fell slightly, while 10-year yields remained stable. Despite these moves, the US dollar failed to benefit and lost value against other major currencies. The yen rebounded slightly after hitting its weakest level in nine months.
Geopolitical tensions also contributed to volatility. A drone attack on a Russian oil depot caused oil prices to rise while gold was in demand as a safe haven. Markets remain tense in anticipation of further developments as the Fed bases its monetary policy decisions on upcoming economic data.
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