Today's global markets: US and European equities slump due to concerns about increasing rates and the Israel-Hamas conflict

 Today's global markets: US and European equities slump due to concerns about increasing rates and the Israel-Hamas conflict

World markets today: On Thursday, US and European stock markets fell due to concerns about increasing US Treasury rates and the possibility for the Israel-Hamas conflict to spill over into other parts of the Middle East.

The remarks made by Federal Reserve chairman Jerome Powell on interest rate hikes also made traders more risk averse.

The global stock market index MSCI fell 0.89%. Stocks in emerging markets dropped 1.23%. 

Following Powell's remarks, US market indexes on Wall Street decreased.

The S&P 500 finished at 4,277.58 points after dropping 37.02 points (0.86%). At 13,185.69, the Nasdaq Composite dropped 128.61 points, or 0.97%. At 33,410.84, the Dow Jones Industrial Average decreased by 254.24 points, or 0.76%.

Jerome Powell said that future rate rises may be necessary given the economy's resilience and the strong job market, which caused the 10-year US Treasury rates to hit a 16-year high.

Before reversing course, the yield on the 10-year Treasury note reached 4.99%.

Currencies

The US dollar dropped from 149.90 Japanese yen to 149.87 yen. From $1.0536 to $1.0581, the euro increased.

Europe On Thursday, European stocks fell as a result of several disappointing business results.

The global STOXX 600 index fell 1.2%, reaching a two-week low.

The technology sector was the only one to gain ground, rising 0.5%.

The FTSE 100 in Britain fell 1.2% to 7,499.53. The DAX in Germany fell 0.3% to 15,045.23. The CAC 40 in France dropped 0.6% to 6,921.37.

energy costs 

On Thursday, the US crude oil benchmark for November delivery increased $1.05 to $89.37 a barrel. At $92.38 a barrel, December delivery of Brent oil increased by 88 cents.

At $2.96 per 1,000 cubic feet for November delivery, natural gas prices decreased by 10 cents.

Bullion Gold increased $12.20 to $1,980.50 per ounce for December delivery. At $23.103 per ounce, silver for December delivery decreased 7 cents.

Asia

Hong Kong's Hang Seng index fell 2.5% to 17,295.89 on Asian stock exchanges. The Shanghai Composite in China fell 1.7% to 3,005.39.

The largest MSCI index of Asia-Pacific equities outside of Japan ended the day down by 1.48%.

The Nikkei 225 index of Japan decreased 1.9% to 31,430.62. 

The S&P/ASX 200 index for Australia finished 1.4% down at 6981.600. The benchmark S&P/NZX 50 index for New Zealand ended the day at 11135.5800, down 0.8%.