Global stocks wilt as Fed shift sparks stampede into bonds

LONDON: European shares wilted and there was a stampede into bonds on Thursday, after the U.S. Federal Reserve's abandonment of all plans to raise rates this year left traders wondering what might be lurking in the shadows.

"The Fed has the most leeway because it has raised rates nine times so it could cuts rates nine times," Marey said."But it will be much more difficult for other central banks which haven't even started to hike yet." "The downward pressure on U.S. yields continues to support our outlook for a weaker U.S. dollar this year," said MUFG analysts in a note.Chinese blue-chips, which spent the morning swinging between small losses and gains, were up 0.4 percent in afternoon trade, while Seoul's Kospi also added 0.4 percent as regulators announced plans to cut the stock transaction tax this year.

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