Marcus Today Pre-Market Podcast – Wednesday 8th March
The Dow closed down 575 points (-1.72%) as markets fell on Powell’s Speech. S&P 500 down 1.53%. NASDAQ down 1.25%. In Europe, STOXX 600 -0.77% FTSE -0.13% CAC -0.46% DAX -0.6%. US Banks taking a beating on the back of Powell's Speech, Wells Fargo down 4.68% and Bank of America down 3.2%.
The ASX is set to open lower as the US central bank is expected to lift rates higher and potentially at a faster pace after Powell repeated his hawkish stance. ASX 200 Futures are down 60 points (-0.82%) and the AUD has dropped 2.2% to below US66¢. The drop in the currency reflects the prospect of a further widening yield gap between US and Australian government bonds as US rates.
Catch up on all the latest with Henry Jennings on today’s Pre-Market Podcast.
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