The fall-out from President Biden's move to keep Jerome Powell at the helm of the US Federal Reserve continues to be felt after sharp moves for tech stocks, gold and bitcoin.
Wall Street responded to the White House’s plans for Powell's re-appointment by betting that interest rates will rise as soon as next summer in order to bring inflation under control.
Tech stocks fell overnight as a result, while gold and bitcoin came under pressure after rising previously as a hedge againt inflation.
Oil prices will be closely watched today on speculation that Biden may announce the release of strategic reserves, possibly in conjunction with other nations in an effort to curb spiralling energy costs.
In corporate news, online electricals retailer AO World has issued a second profits warning in as many months after supply chain woes and higher costs dented its performance in the run-up to Christmas.
