Wall Street was poised to broaden weaker global stocks on Friday on investor concerns over no end in sight to interest rate hikes as data showed European business activity stalling.
and were headed for a weekly decline of more than 3% as a more hawkish tone from central banks cast a cloud over demand. A rising dollar also makes the commodity more expensive for some customers.
Brent oil futures were down 1% at $73.34 a barrel, while U.S. West Texas Intermediate crude futures were down 1.2%, at $68.64.index rose 0.47% to 102.86 and was on track for a weekly gain, reversing three straight weeks of losses as it drew support from growing risk aversion in markets. The pound , still digesting news of Thursday's bigger-than-expected 50 basis points rate hike from the Bank of England, eased 0.1% to $1.2735 and was on track for a weekly loss of nearly 1%, snapping three straight weeks of gains.In Asian markets, the MSCI's broadest index of Asia-Pacific shares outside Japanfell 1.45% and was set to snap a 10-week winning streak with a 2.7% weekly drop.reiterated on Thursday that further rate hikes are likely.
Gold steadied after trading near a three-month low and was set for its biggest weekly drop since February as the greenback was buoyed by hints of more rate hikes. The yellow metal was trading at $1,919 an ounce, up 0.3% on the day.Our Standards:
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Reserve Bank tweaks interest-rate decision modelThe model will factor in changes in international sentiment towards the country and its risk premium, consider public and private wages separately, change the way the inflation estimate is reached and include spikes in fuel and electricity prices.
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