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Friday 19 August 2016

World stocks fall in light trading as $ rises on Fed hike bets


Stock on major markets fell worldwide on Friday while the US dollar strengthened as investors began to price in a greater likelihood that the Federal Reserve will raise interest rates this year. European share markets posted their biggest weekly loss in two months, while US stocks edged lower, led by declines in utility shares as investors weighed prospects for an interest rate increase in the coming months.

Oil prices were mixed, with Brent crude ending lower and WTI light crude rising to post its biggest weekly gain since March. WTI has surged nearly 25 percent in a little over two weeks. However analysts warned the rally was backed by speculation rather than fundamentals.

Comments from senior Fed officials in recent days that suggest a bias towards raising benchmark US interest rates have pushed investors to re-examine minutes from the US central bank's most recent meeting in July, analysts said.

The Dow Jones industrial average fell 45.13 points, or 0.24 percent, to 18,552.57, the S&P 500 lost 3.15 points, or 0.14 percent, to 2,183.87 and the Nasdaq Composite dropped 1.77 points, or 0.03 percent, to 5,238.38. The US benchmark S&P 500 stock index is up 7 percent this year. 


Its recent run to record highs has been partly supported by expectations that the Fed will continue to keep rates low, as well as some upbeat earnings and economic news. European shares fell 0.8 percent on the day and nearly 2 percent for the week, their biggest weekly loss since mid-June. All major sectors in Europe were in the red.


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