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FTSE 100 expected to open sharply lower after heavy falls in the US

FTSE 100 expected to open sharply lower after heavy falls in the US By Proactive Investors

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Stock Markets 5 hours ago (Sep 22, 2022 07:10)

© Reuters. FTSE 100 expected to open sharply lower after heavy falls in the US

7.00: FTSE expected to nurse hefty losses at the open

FTSE 100 expected to open sharply lower following heavy falls in the US after the Federal Reserve slashed economic growth forecasts as it raised interest rates for 75 basis points once again.

Investors will be looking to see if the Bank of England follows a similar path today when it makes its interest rate announcement.

Spread betting companies are calling London’s blue-chip index down by 60 points.

US markets ended a see-saw final couple of hours sharply lower as the Federal Reserve signalled that interest rates would stay higher, for longer, and slashed its forecasts for economic growth for the next two years.

The rate increase of 75bp was as expected but it was the accompanying hawkish remarks and estimates that further spooked the markets.

At the close, the Dow Jones was down 523 points, or 1.7%, at 30,184, the S&P 500 shed 66 points, or 1.7%, to 3,790, and the Nasdaq Composite tumbled 205 points, or 1.8%, to 11,200.

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