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(Bloomberg) — The dollar climbed and European stocks dropped with U.S. futures Thursday after Federal Reserve Chair Jerome Powell highlighted uncertainty about the economic rebound. Treasuries ticked up.The Stoxx Europe 600 Index opened 1.2% lower, with declines across all industry groups, after Powell Wednesday said policy would remain accomodative to drive a recovery that’s showing signs of slowing. Automakers slumped after data showing European car sales plunged by nearly a fifth in August.A gauge of Asian shares fell the most in a week, with losses greatest in Hong Kong, South Korea and Australia. S&P 500 futures slipped about 1.5%.The Treasury yield curve had steepened slightly Wednesday as Powell stopped short of offering new specifics on the Fed’s approach to the monthly bond purchases that have buttressed markets. Some traders may have been expecting signals regarding plans to target longer maturities.“The lack of any new measures saw risk markets a little underwhelmed,” said Stephen Miller, investment strategist at GSFM. “I suspect that is an indicator of latent impatience with the lack of fiscal support.”Fed officials have stressed in recent weeks that the U.S. recovery is highly dependent on the nation’s ability to better control the coronavirus, and that further fiscal stimulus is likely needed to support jobs and incomes.“The recovery has progressed more quickly than generally expected,” Powell said, while cautioning that “the path ahead remains highly uncertain.” It was the Federal Open Market Committee’s final scheduled meeting before the U.S. presidential election on Nov. 3.The Bank of Japan kept its asset-purchases and bond-yield targets in place. Next up is a policy decision by the Bank of England.Meanwhile, the White House strongly signaled Wednesday that it is willing to increase its offer in talks with Democrats, and that Senate Republicans should go along in order to seal a stimulus deal in the next week to 10 days.Elsewhere, oil dropped back below $40 a barrel in New York. Gold declined.These are some of the main moves in markets:StocksFutures on the S&P 500 Index fell 1.4% as of 8:16 a.m. London time.The Stoxx Europe 600 Index sank 1%.The MSCI Asia Pacific Index decreased 0.9%.The MSCI Emerging Market Index sank 0.9%.CurrenciesThe Bloomberg Dollar Spot Index gained 0.1%.The euro sank 0.3% to $1.1777.The British pound declined 0.1% to $1.2952.The onshore yuan weakened 0.2% to 6.768 per dollar.The Japanese yen strengthened 0.1% to 104.83 per dollar.BondsThe yield on 10-year Treasuries fell two basis points to 0.67%.The yield on two-year Treasuries declined one basis point to 0.13%.Germany’s 10-year yield fell one basis point to -0.49%.Japan’s 10-year yield decreased one basis point to 0.015%.Britain’s 10-year yield climbed less than one basis point to 0.212%.CommoditiesWest Texas Intermediate crude fell 1.2% to $39.67 a barrel.Brent crude fell 1% to $41.78 a barrel.Gold weakened 0.7% to $1,944.74 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.