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Global stock market report – UK interest rates hiked

Picture of Drew Meredith, CFP
Drew Meredith, CFP
Picture of Drew Meredith, CFP

Drew Meredith, CFP

Drew Meredith is one of the founders of Wattle Partners. He is an experienced financial and investment adviser with expertise in self-managed superannuation funds, superannuation strategies, investment analysis and portfolio construction. Drew is a Partner at Wattle Partners.
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Global stock markets reversed yesterday’s gains after the Bank of England somewhat unexpectedly became the first G7 nation to hike interest rates.

The Chancellor increased the cash rate from 0.1% to 0.25% on concerns of sustained inflation which was sitting around 5.1%.

This was bad news for global tech with many now expecting other major developed nations to hike rates, sending the Nasdaq down 2.5%.

The key detractors were NVIDIA (NASDAQ: NVDA), down 6.8%, Amazon (NASDAQ: AMZN) down 2.5%, Netflix (NASDAQ: NFLX) down 2.3%, and Tesla (NASDAQ: TSLA) down 5%.

On the positive side, the European Central Bank extended their bond-buying program over the winter break, as they seek to support a slowing economy hit by the Omicron outbreak.

The Dow Jones finished flat and the S&P 500 down 0.9% as investors once again turn to more cyclical, short-duration businesses.

Adobe (NASDAQ: ADBE) shares fell 10% again despite reporting an increase in fourth-quarter sales and over 20% growth in both digital experience and digital media revenue.

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Wattle Partners is a financial advice firm, servicing clients around Australia, specialising in retirement planning (pre and post retirement). 

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