Monday, 15 July, 2024, Reg No- 06
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Global stock markets retreat as traders take profits

Published : Wednesday, 22 May, 2024 at 12:00 AM  Count : 38

LONDON, May 21: Stock markets in Asia and Europe suffered a downturn Tuesday as profit-takers stepped in after racking up gains.

Eyes were on the release later in the day of minutes from the Federal Reserves May policy decision for clues on the outlook for cuts to US interest rates.

The picture has been clouded by mixed US data.

The May meeting came before figures last week indicated price rises were easing, stoking fresh hopes the US central bank could cut interest rates a couple of times this year, starting in July.

Hopes of rate cuts on both sides of the Atlantic have helped to support stock markets, with European equity indices and Wall Street achieving record highs in recent sessions.

Still, a number of Fed decision-makers have warned they are not willing to call for a reduction until they are sure higher borrowing costs are doing their job and that inflation is truly under control.

After a mildly positive start to the week in New York, where the Nasdaq hit a record high and the Dow ended down from Fridays record, Asian and European investors were cautious Tuesday as they eyed rising commodity prices.    —AFP

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