Stock indices end the week in the red as risk-off sentiment bites, says Axel Rudolph, Senior Market Analyst at online trading platform IG.
Dismal European flash PMI pushes stocks down
“Disappointing Euro Zone flash manufacturing and services PMI led to further selling in European equity markets which ended the week in the red after five consecutive days of falling prices. The FTSE 100 is trading back in negative territory year-to-date and is fast approaching its March banking crisis low as worries of a UK recession due to rapidly rising interest rates mount."
US dollar rallies into weekend
“The US dollar rallied today as investors re-priced their outlook following this week's hawkish testimony by Fed Chair Jerome Powell to Congress. The stronger dollar pushed commodities such as gold and oil back down again with the precious metal slipping to a three-month low."
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