Daily summary

Stocks across the globe extended the slide on Friday morning following the release of disappointing flash purchasing managers' index readings from European economies. Another factor that has negatively affected the stock market is mainly due to the Fed's signal that interest rates will remain higher for an extended period.

The British pound slipped below 1.2300 against the US dollar ahead of the Bank of England interest rate announcement. The central bank is expected to raise interest rates by another 25 basis points to 5.5% today. If the BoE raises interest rates, it will be the 15th consecutive hike.

The US dollar index fails to witness a positive start for today ahead of the FED decision. The Fed is anticipated to keep interest rates unchanged in the range of 5.25% to 5.5%. Investors and market participants would be keenly looking at Fed chair Jerome Powell's speech 30 minutes after the rate announcement for confirmation of future rate trajectory.

Shares of Ocado Group (LON: OCDO), the British online supermarket and technology group, increased more than 4% in morning trading on Tuesday after the firm’s sales jumped by 7.2% to £569.6 million in its third quarter, up from 5% in the first half of the year.

EURUSD appears to have lost momentum as investors are trading cautiously ahead of the ECB interest rate decision. The market participants and investors anticipate that the European Central Bank will leave key rates on hold later in the day.