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LIVE MARKETS-Futures flash red as market digests Powell comments

Kitco Media
By Reuters
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Reuters
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FUTURES FLASH RED AS MARKET DIGESTS POWELL COMMENTS (0736 GMT)


European futures are a sea of red, as a ripple effect continues after Federal Reserve Chairman Jerome Powell on Tuesday opened the door to higher and possibly faster rate increases. Eurostoxx 50 futures are down 0.3%, after ending Tuesday 0.8% lower, while the S&P 500 fell 1.5% yesterday. Fed Chair Powell told U.S. lawmakers the central bank will likely need to raise interest rates more than expected in response to recent strong data. In company news, Europe's largest defence electronics company Thales on Wednesday posted a 15.6% rise in 2022 core operating profit, and Swiss plumbing supplier Geberit posted better than expected net profit in 2022. A week from now, British finance minister Jeremy Hunt will reveal his new budget, and looks set to refrain from big tax cuts or spending increases until the next election comes closer into view.


(Lucy Raitano)
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