{"id":581241,"date":"2023-02-22T00:00:00","date_gmt":"2023-02-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/22\/us-stocks-fall-on-rate-fears\/"},"modified":"2023-02-22T00:00:00","modified_gmt":"2023-02-22T00:00:00","slug":"us-stocks-fall-on-rate-fears","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/22\/us-stocks-fall-on-rate-fears\/","title":{"rendered":"US stocks fall on rate fears"},"content":{"rendered":"

<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n

<\/span>US stocks just had their worst day in two months:<\/span> Shares on Wall Street suffered <\/span>their heaviest single-day loss since December yesterday amid investor concerns that interest rates could rise further than expected. Treasury yields rose sharply and the benchmark S&P 500 fell 2% yesterday following a string of economic data that suggests the Federal Reserve may continue raising rates for longer. The tech-heavy Nasdaq finished 2.5% lower while the Dow lost 700 points to close 2.1% in the red. \u201cThe reason for the sell-off in the stock market is a reassessment of the [US Federal Reserve\u2019s] path and the stark rise in Treasury rates,\u201d one strategist told the <\/span>Financial Times<\/a><\/span>. \u201cThe move higher in Treasury yields reinforces the Fed being tighter for longer.\u201d<\/span><\/p>\n

The sell-off is continuing in Asia:<\/span> Most exchanges in the region are in the red this morning, <\/span>with the Nikkei (-1.3%) and the Kospi (-1.2%) seeing the heaviest losses. European markets are also on course to open lower later this morning.<\/span><\/p>\n

<\/p>\n

\n

HSBC\u2019s quarterly earnings more than double on higher interest rates: <\/span>Global <\/span>banking giant HSBC reported earnings after tax of USD 4.9 bn in 4Q 2022, up 145% y-o-y, beating analyst estimates, according to its <\/span>earnings release (pdf)<\/a><\/span>. For the full year, the London-based bank\u2019s earnings after tax rose 13.6% to USD 16.7 bn, the highest in nearly a decade, according to the <\/span>Wall Street Journal<\/a><\/span>. However, its annual pre-tax profits fell by USD 1.4 bn due to the planned sale of its retail operations in France. The surge in profits came on the back of higher interest rates around the world, which resulted in the bank\u2019s net interest income rising 26%. <\/span><\/p>\n

ALSO IN PLANET FINANCE- <\/span><\/p>\n