Global Equities Sink to Six-Week Low as Dollar Rally Hits Metals
- Futures indicate 28% chance of a U.S. rate increase in June
- Asian index futures signal more losses as dollar holds gains
Quinlan: Not Seeing 2008-Level Panic Over Markets
Global stocks slid to a six-week low, falling with commodities as markets braced for the possibility that the Federal Reserve will raise U.S. interest rates as soon as next month. A gauge of the dollar versus major peers held at its highest level since March.
Wiping out its gains for the year, the S&P 500 pared losses into the close, falling 0.4 percent. The Dow Jones Industrial Average capped a full year since its last record, slipping a third day as Fed officials continued to signal a willingness to tighten policy in June. Treasuries maintained Wednesday’s losses, while the dollar jumped against most emerging-market currencies. The greenback’s strength saw copper fall to its lowest level since February as gold and silver also slipped. Crops slumped, with wheat down more than 2 percent.