Janet Yellen, EU Summit Weigh On Global Markets

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Janet Yellen, EU Summit Weigh On Global Markets

Janet Yellen, EU Summit Weigh On Global Markets

Markets across the globe are struggling as a number of key fundamental factors weigh down on sentiment.

The FTSE 100 is currently down 1.05%, trading at 6,50.89. The finance industry in the UK is adding downside pressure to the leading index, with financial planning organisation Hargreaves Lansdown Plc. (HL.L) down 5.19% at 1,462.00 having missed profit expectations, and pension services company Resolution Limited (RSL.L) down 4.63% at 319.60 after a number of analyst have reiterated an underperform rating.

Similarly, the DAX 30 is down 0.97%, currently trading ahead of key support at 9,186.44. The day’s biggest losers in Germany’s leading index are auto industry giant Continental AG (CON.DE), down 2.86% at 168.00 flat, and homecare company Henkel AG & Co. KGaA (HEN3.DE), down 2.15% at 75.44.

The Euro Stoxx 50 is down 0.75%, currently trading at 3,053.49. Banco Bilbao Vizcaya Argentaria (BBVA.MC) is leading the decline, currently trading at 8.71, a 1.82% discount on the day’s opening price.

The European declines come as the markets brace for the first of a two-day EU summit, at which European leaders will meet to discuss current conditions. The situation in Russia and Ukraine will likely top the bill, as traders and investors price the potential for stricter economic sanctions from the beginning of next week.**relatedarticle**

Across the Atlantic, the NASDAQ 100 is down slightly at US open, trading at 3,681.49, a 0.04% discount to the day’s opening price. Similarly, the Dow Jones Industrial Average is down 0.14%, currently trading at 16,198.86.

The decline in US stock markets comes as a result of the FOMC statement on Wednesday and Janet Yellen’s comments on monetary policy. The Fed Chair suggested that the central bank would consider raising interest rates in as soon as six months after the tapering closes, estimated to be somewhere between September and December at the end of this year. 

To contact the reporter of this story: Samuel Rae at samuel@forexminute.com