Shares Shrivel After Powell’s Renomination; Turkish Lira Crashes-US News | The Epoch Times

LONDON—Stock markets fell sharply and the dollar held on to recent gains on Tuesday as investors positioned for interest rate hikes in 2022 after Federal Reserve Chairman Jerome Powell was nominated for a second term. After Wall Street turned lower on Monday, Asian shares dropped and European stocks opened in the red. Futures on Wall Street also pointed to a second day of losses in the United States. The EURO STOXX 50 dropped 1.4 percent, while Britain’s FTSE 100 shed 0.5 percent and Germany’s DAX 1.38 percent. MSCI’s gauge of Asia Pacific stocks outside Japan fell 0.43 percent, while Hong Kong’s Hang Seng Index slid 1 percent. The most dramatic moves were again in the Turkish lira, which lost 8 percent of its value, crashing to a new record low below 12 lira per dollar as investors panicked about the prospect of more interest rate cuts when they say the …

Reuters

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