Business

European markets react to US sell-off


LONDON – European stocks are expected to open lower on Thursday after Wednesday’s loss saw the Dow Jones Industrial Average marks the first decline of 2022.

UK FTSE The index was seen opening 114 points lower at 7,391, in Germany DAX down 285 points to 15,986, of France CAC 40 down 141 points at 7,235 and of Italy FTSE MIB Down 506 points at 27,448, according to data from IG.

European markets are set to follow their Asia-Pacific counterparts on Thursday are lower, following losses in the US in Wednesday’s trading session.

The drop came later Minutes of the December meeting of the US Federal Reserve shows that the officials are ready to come back strong easy monetary policy in the pandemic era of the central bank.

The Fed’s plan to reduce the amount of Treasuries and mortgage-backed securities it holds comes in handy because it has reduced its bond purchases and is set to raise interest rates once it ends.

The main indexes on Wall Street fell sharply after the release of the minutes, with the S&P 500 falling 1.94% to 4,700.58. The Dow Jones Industrial Average fell 392.54 points to 36,407.11 while the tech-heavy Nasdaq Composite fell 3.34% to 15,100.17. US futures were muted in overnight trading on Wednesday.

Data released in Europe on Thursday includes German industrial orders for November and eurozone producer prices for the same month.

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