Global stock markets are mixed, with European stocks rising after interest rates were raised in Britain and the European Central Bank (ECB) cutting its bond -buying program while global stocks are still looking for direction a day after the US Federal Reserve (Fed) announced an accelerated tapering move. .
The Nasdaq ended lower after the Fed’s decision to speed tapering has prompted investors to shift to more economically sensitive sectors and avoid growth stocks as well as technology.
The pan-European STOXX 600 index was up 1.23% and MSCI’s worldwide stock gauge was down 0.13% after it shifted from positive to negative territory throughout U.S. trade.
The Dow Jones Industrial average was down 0.08% at 35,897.64 while the S&P 500 lost 0.87% at 4,668.67 and the Nasdaq Composite fell 2.47% at 15,180.44.
The dollar index was down 0.409% and the Euro was up 0.02% at $ 1.133.
The US 10 -year yield is at 1.4241% while the 30 -year yield is at 1.8668%.
US crude oil prices rose 2.13% at $ 72.38 a barrel while Brent crude oil prices added 1.54% at $ 75.02.
Effect of Meeting Decision on Shares
Shares of the United Kingdom (UK) bank rallied after the Bank of England (BoE) raised the rate by 0.15 percentage points to 0.25%.
Meanwhile, the ECB said it would reduce bond purchases under the Pandemic Purchase Program (PEPP) worth 1.85 trillion Euros by next quarter and end the scheme by March 2022.
Meanwhile, the Turkish Lira continued to depreciate after its own central bank experienced a rate cut. It slipped 5.6% to a low of 15.689 after the central bank cut its policy rate in line with an unorthodox economic program set by President Tayyip Erdogan.
