European markets extended loss for the second week in a row following central banks hiking rates and lowering growth expectations. Natural prices plunged 10% on a milder weather forecast.
Weaker-than-expected retail sales in November dented market sentiment and raised the prospect of Fed's inflation-fight dipping the economy into a recession.
The Federal Reserve laid the groundwork for future rate hikes in 2023 and lowered growth estimate and added it may be two more years before prices stabilize.
Stocks on Wall Street extend gains ahead of the rate decision. Energy prices rebounded on the hopes of tighter demand supply conditions as winter conditions deteriorate in the northern hemisphere.
With all eyes set on the Federal Reserve's rate actions tomorrow, investors are cautiously optimistic of a moderate rate hike. A judge in the Bahamas denied bail to the former chief executive of FTX.
Merger news dominated Monday's trading session ahead of the year's end and final rate decision of 2022 from the central banks in U.S., the eurozone and the U.K.
Benchmark indexes traded higher ahead of rate decisions from central banks in the U.S., Europe and the U.K. Consumer expectations of forward looking inflation edged lower for the next year.
The wholesale price index in November indicated that inflation is deeply entrenched in goods and services sectors of the economy and slowing the future price increases to the Fed's target level will take time.
Major averages closed higher and crude oil traded near one-year low as investors look ahead ahead to the release of inflation data next week. The FTC sued to block the largest acquisition in the video game industry and the largest purchase by Microsoft.
