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Wall St. slides, dollar gains on yen

Mount Equity Group Tokyo Japan > News > Markets > Wall St. slides, dollar gains on yen

NEW YORK, LONDON – Wall Street stocks closed sharply lower as investors worried about inflation and rising interest rates while the dollar rose against the yen and sterling after the British prime minister’s firing of her finance minister.

Sterling fell sharply after Britain’s Liz Truss fired finance chief Kwasi Kwarteng and scrapped parts of their economic package, which had caused an uproar in financial markets. The dollar also kept rising against Japan’s beleaguered yen, hitting a fresh 32-year peak of 148.86.

Oil settled sharply lower as recession concerns translated to worries about demand.

In US Treasuries, benchmark 10-year yields gained some ground after data showed US retail sales were unexpectedly flat in September as high inflation crimped demand and investors continued to bet on aggressive Federal Reserve rate hikes.

The US third quarter earnings season started on a positive note with…

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