U.S. index futures and European stocks fell as investors scaled down their optimism for less hawkish central banks and sought more evidence that inflation is moderating.
December contracts on the S&P 500 and Nasdaq 100 dropped at least 1 per cent each after the underlying indexes scaled two-week highs on Tuesday. Europe’s Stoxx 600 halted its best three-day advance since November 2020. Treasuries slid and the dollar extended gains. Twitter Inc. retreated in premarket New York trading, sliding further below Elon Musk’s offer price.
“A dovish pivot requires more evidence of weaker growth and a decisive fall in inflation,” Emmanuel Cau, the head of European equity strategy at Barclays Plc, wrote in a note. “We doubt equities are out of the woods yet.” Europe’s equity benchmark fell 1 per cent, trimming some of the 5.3 per cent advance in the previous three days, as real estate, auto-parts and telecommunications shares slid the most.
U.S. Treasuries fell across the curve, with the 10-year yield adding 7 basis points. The dollar was 0.4 per cent higher after earlier trading down 0.1 per cent.
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