No single trend in global stocks after hawkish Powell comments - 22.3.2022

The Dollar strengthening is intact currently. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, gained 0.3% on Monday after Powell said central bank must move "expeditiously" to combat inflation.

GBP/USD joined EUR/USD’s continuing slide on Monday as Rightmove data showed change in the asking price of homes for sale in UK slowed in March. Both euro and Pound are lower against the Dollar currently. USD/JPY continued its advancing yesterday while AUD/USD reversed its climbing with both the yen and Australian dollar lower against the Greenback currently.

Futures on three main US stock indexes are down currently with the yield on benchmark 10-year Treasury notes up at 2.333%. US stock market closed lower yesterday after Fed chair Powell said the central bank will raise rates more aggressively and is prepared to hike interest rates by a half percentage point at its next policy meeting if needed. The three main US stock index benchmarks booked daily losses in the range of 0.04% to 0.58% Monday.

European stock indexes are mixed currently after ending higher yesterday led by mining shares. Asian indexes are up today with Hong Kong’s Hang Seng index leading gains as China’s State Council pledged stronger monetary policy support on Monday.

Brent is extending gains currently as some European Union members discussed a potential oil embargo on Russia. Prices rallied yesterday as European Union nations disagreed on whether to join the United States in a Russian oil embargo. US West Texas Intermediate WTI rose 7.09% and is higher currently. Brent jumped 7.12% to $115.62 a barrel on Monday.