Wall Street

European stocks bounce off lowest in more than a year after Powell remarks

Published by
Reuters UK

By Sruthi Shankar and Susan Mathew (Reuters) -European stocks bounced off session lows on Wednesday after Federal Reserve Chair Jerome Powell said the U.S. central bank is “strongly committed” to bringing down inflation. Wall Street erased losses to turn positive after the remarks at a hearing before the U.S. Senate Banking Committee, while the pan-European STOXX 600 closed down 0.7%, after having fallen 1.8% to its lowest since January 2021. Analysts said markets took heart from the lack of surprises in the comments. “We are seeing a reaction akin to something along the lines of a medicine th…

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