Uncertainty returned to the markets on Tuesday as Wall Street closed in negative territory after a 3% drop in Oil price and investors’ concern regarding the Fed interest rate decision next week. S&P500 declined by 1.5%, erasing Monday’s gains while the Dow Jones and NASDAQ lost 1.4% and 1.1% accordingly.
Yesterday, European markets wiped out the gains recorded at the start of the trading session. Paris lost 1.2% and London suffered 0.5% drop. Asian markets are mixed on Wednesday morning following yesterday’s selloff on Wall Street. Reports in Japan indicate that the central bank may lower interest rates further into negative territory, after rates were decreased to -0.1% in January.
Oil price fell after the International Energy Agency (IEA) warned that excess supply will last longer than estimated, until mid-2017, on the back of slowing demand. Crude Oil Inventories will be published at 14:30 GMT today with forecasts of 2.8M barrels. Gold also remained under pressure on Tuesday, as the yellow metal extended its losses for the 5th day in a row.
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