US Stocks closed slightly lower, after a rather quiet trading session on Tuesday. The S%P slid 0.2% Dow industrials lost 0.5% and Nasdaq fell less than 0.1%(27 points to be exact). The market is very uncertain about the nature of Fed's future rate hikes. After the third consecutive day of losses, the market is looking like the summer rally lost considerable momentum. Investors are looking forward to Chairman Powell's speech at Jackson Hole, hoping it will reveal some information about the interest rate increases.
The global benchmark Brent crude shot to USD 97.53 after the Saudi prince announced OPEC+ may cut its oil output. (OPEC+ = OPEC + Russian led producers) The natural gas prices also followed, seeing a new 14 year high.
The BIST, unlike US Stocks, rose 1.93%. This is a result of Turkey's unique economic policy of cutting interest rates to bring down infaltion. However the BIST gains might be meaningless if inflation hits 87% and USD/TRY rises to 22.
The Stoxx 600 slid 0.4%, after data was released showing business activity in the Eurozone contracted for the second month in a row. Asian Stock also finished lower.
Sources: Reuters, Yahoo Finance
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