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Global markets update: US stocks slide ahead of inflation data


US stocks slid on Wednesday ahead of inflation data that could provide clues to investors on Federal Reserve’s monetary policy path.

The S&P 500 fell 31.47 points, or 0.70%, at 4,467.91 points. The Dow Jones Industrial Average dropped 186.92 points, or 0.53%, at 35,127.57. The Nasdaq Composite lost 162.31 points, or 1.17%, at 13,723.96. 

The US government will release the monthly update on inflation for July on Thursday.

Shares of Axon Enterprise jumped 14.1% after it reported robust profit.

Akamai Technologies stock rose 8.5% after it beat forecasts for both profit and revenue.

Penn Entertainment rallied 9.1% after the company announced  that it’s paying $1.5 billion for the exclusive rights to re-brand its sports-betting app with the ESPN name.

WeWork tumbled 38.6% to 13 cents after it said there’s substantial doubt about its ability to stay in business as it burns through cash.

The yield on the 10-year treasury slipped to 4.00% from 4.03% late Tuesday. The 2-year treasury yield rose to 4.80% from 4.76%.


The US dollar rose to 143.70 Japanese yen from 143.39. The euro rose to $1.0976 from $1.0960.


European equities edged higher on Wednesday, led by energy stocks.

The pan-European STOXX 600 ended up 0.4%.

Britain’s FTSE 100 rose 0.8% at 7,587.30. Germany’s DAX added 0.5% at 15,852.58. France’s CAC 40 gained 0.7% at 7,322.04.

Italian banks gained after the government eased its stance on the windfall tax on lenders.

Euro zone banks rose 1.4%.

Italy’s banks-heavy FTSE MIB index added 0.4%.

The oil and gas index rallied 2.3% as crude oil prices hit their highest levels since April.

German online takeaway food company Delivery Hero surged 4.7% after it raised its full-year revenue outlook.

Hiscox sank 6% after the Lloyd’s of London insurer’s weaker retail growth outlook.

Shares of the world’s largest online betting firm Flutter Entertainment fell 4.4% after it posted a 76% jump in half-year core profit but warned of a weaker Australian market outlook.


In Asia, stock markets were mixed on Wednesday.

Hong Kong’s Hang Seng index rose 0.3% at 19,246.03. China’s Shanghai Composite dipped 0.5% at 3,244.49. 

Japan’s Nikkei 225 fell 0.5% at 32,204.33.

Australia’s S&P/ASX 200 index rose 0.4% at 7,338 points. New Zealand’s benchmark S&P/NZX 50 index fell 0.3% at 11,838.26 points. 

Energy prices

Brent crude for October delivery rose $1.38 to $87.55 a barrel on Wednesday. The US crude oil benchmark for September delivery rose $1.48 to $84.40 a barrel.

Natural gas for September delivery rose 18 cents to $2.96 per 1,000 cubic feet.


Gold for December delivery fell $9.30 to $1,950.60 an ounce. Silver for September delivery fell 8 cents to $22.73 an ounce.

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Updated: 10 Aug 2023, 02:19 AM IST

Joanna Swanson

Joanna Swanson is Europe correspondent at the Thomson Reuters Foundation based in Brussels covering politics, culture, business, climate change, society, economies and inclusive tech. With specific focus in breaking news, she has covered some of the world's most significant stories.