Stock markets fall further before US economy updates

AFP :
Major European and Asian stock markets mostly fell for a second session running Tuesday as traders booked profits before updates on the US economy this week, notably a key inflation reading.

World stock markets, including in New York, made solid gains in recent weeks on hopes that that the Federal Reserve had finished with hiking rates — and that the US central bank could cut borrowing costs next year as inflation cools.

Looking ahead to the US open, “Wall Street futures are suggesting a slightly softer start will be seen for Tuesday’s trade as investors take stock of what has been another strong month of gains”, said Joshua Mahony, chief market analyst at Scope Markets.
“Yesterday’s miss in reported new home sales for October underlines the fact that rising borrowing costs are taking a toll on the consumer end of the market.”
A string of recent US indicators pointing to a slowing economy — as well as a below-forecast rise in consumer prices — have fuelled optimism that the Fed will stop hiking.