Global shares were mostly lower Wednesday, as pessimism prevailed about higher interest rates ahead and Wall Street continued a late-summer slump.
France's CAC 40 edged down 0.2% in early trading to 6,090.07, while Germany's DAX shed 0.3% to 12,832.11. Britain's FTSE 100 lost 08% to 7,242.88. U.S. shares were set to be little changed with Dow futures inching up less than 0.1% to 31,174.00. S&P 500 futures were up 0.1% to 31,171.00.Shares fell in Tokyo, Sydney, South Korea and Hong Kong, but were little changed in Shanghai. Oil prices fell, while the Japanese yen continued to decline against the U.S. dollar to about 144 yen.
"The real solution to this inflation crisis obviously lies on the supply side, in terms of energy and other key goods. Yet that really takes us a step away from inflation-targeting and back towards an echo of how macro-stability was previously achieved," according to RaboResearch. China's trade weakened in August as high energy prices, inflation and anti-virus measures weighed on global and Chinese consumer demand, and imports of Russian oil and gas surged, China's customs data showed. Exports rose 7% over a year ago, decelerating from July's 18% expansion, while imports contracted by 0.2%, compared with the previous month's already weak 2.3% growth.
The Federal Reserve has indicated it will not let up anytime soon on raising interest rates to bring down the highest inflation in decades.
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