Wall Street drops: Aus market to open lower

Wall Street drops: Aus market to open lower

Hong Kong's Hang Seng Index extended losses in early trade, edging down by 0.6%. It was just the latest swing in a frenetic week for markets around the world as investors recalibrated - again and again - how anxious to be about a possible trade war and a more aggressive Federal Reserve. "This was an anchor, an opening bid".

If a trade war does indeed break out, it could threaten a key reason investors were optimistic about stocks coming into 2018: The global economy is finally strengthening in sync, which should lead to higher corporate profits.

Health care (-1.6%) also lagged, with Celgene plunging 9% to its lowest level in more than three years after receiving a refusal to file letter from the FDA about a multiple sclerosis drug candidate.

YIELDS: The yield on the 10-year Treasury note dipped to 2.83 percent from 2.86 percent late Wednesday.

In particular, Apple and Intel shares rose by 2 and 2.9 per cent respectively.

The indices closed lower for the second consecutive session amid uncertainty about the outlook for interest rates after the US Federal Reserve Chair Jerome Powell seemed to suggest that the central bank may raise rates more than the three times now anticipated.

Bond prices rose as demand jumped for safer investments, which pushed yields lower.

Stocks were higher earlier in the day after Powell appeared to calm one of the market's main worries when he said that he does not see inflation in workers' wages "at a point of acceleration".

Antonio Conte questions Chelsea's ambition
Chelsea had frustrated City in the first half but the game was won by a Bernardo Silva strike in the first minute after the break. On The Gary Neville Podcast, the high profile pundit fumed: "I think Chelsea have given us an unacceptable 90 minutes there".

"It's reasonable for markets to start repricing a possibility of higher inflation and higher interest rates", Sturkenboom said.

"The [Federal Open Market Committee] will continue to strike a balance between avoiding an overheating economy and bringing ... price inflation to 2 per cent on a sustained basis", Mr Powell said.

SHARP BITE: Patterson Companies fell to the biggest loss in the S&P 500 after it reported weaker earnings for the latest quarter than analysts expected and said that its chief financial officer was leaving.

In Europe, France's CAC 40 lost 2.4 per cent, and Germany's DAX fell 2.3 per cent. Benchmark U.S. crude fell 49 cents to $61.19 per barrel.

European markets closed mostly lower: London's FTSE 0.1 per cent, Paris closed flat and Frankfurt was 0.3 per cent lower. Brent crude, the global standard, lost 62 cents to $64.11 per barrel.

Gold dropped $12.70 to $1,305.20 an ounce, silver lost 13 cents to $16.28 per ounce and copper lost 1 cent to $3.12 per pound.

Declining issues outnumbered advancing ones on the NYSE by a 2.55-to-1 ratio; on Nasdaq, a 2.65-to-1 ratio favored decliners.

The dollar fell to 105.54 Japanese yen from 106.24 yen late Thursday.

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