Global stock markets and Wall Street futures fell Friday ahead of a U.S. job market update amid unease about possible further interest rate hikes.
Wall Street's benchmark S&P 500 index fell Thursday by its biggest one-day margin this year after U.S. Federal Reserve Chair Jerome Powell warned rates might be raised faster than expected to cool stubbornly high inflation.
In early trading, the FTSE 100 in London fell 1.5% to 7,760.88 and Frankfurt's DAX tumbled 1.9% to 15,329.28. The CAC 40 in Paris fell 1.9% to 7,177.35.On Thursday, the S&P 500 fell 1.9%, further eroding this year's gains. Some 95% of companies in the benchmark index declined.SVB Financial Group lost 60% of its value after announcing plans to raise up to US$1.75 billion to strengthen its financial position amid concerns about higher interest rates and the economy.
A government report on Thursday showed the number of Americans applying for unemployment benefits last week jumped by the most in five months but layoffs are low. Traders expect the Fed to raise its benchmark lending rate by an unusually large margin of 0.5 percentage points at its March 22 meeting. That is up from an expectation of 0.25 points before Powell's comments this week, according to CME Group.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nanaimo RCMP searching for stolen motorcycleThe red Suzuki GSXR street bike was stolen from a carport on Kerr Street, police say.
Read more »
More snow on the way as Calgary will get 'clipped' on FridayA few more cool days ahead for Calgary with more snow expected Friday. ctvstanfield has your full weather story. Viewer Jean captured this moose shot in Strathmore. yyc yycwx
Read more »
Winter weather travel advisory issued: Toronto to get 4 to 8 cm of snow FridayA winter weather travel advisory has been issued for Toronto as parts of the province are set to see another round of snow on Friday.
Read more »
Weather advisory issued for Toronto as more snow expected FridayA winter weather travel advisory has been issued for Toronto as parts of the province are set to see another round of snow on Friday.
Read more »
Fleetwood Park upsets Vancouver College to advance to Friday's semis at high school hoop provincialsFleetwood Park plays in Friday\u0027s semifinals against the winner between the No. 2 Oak Bay Bays and the No. 7 Abbotsford Panthers.
Read more »
Cloudy with a chance of flurries on FridayWindchill of -18 C in the morning
Read more »