LONDON/SYDNEY - Global shares fell on Thursday as the Federal Reserve’s pledge to use all its tools to support the U.S. economy failed to reassure investors uneasy about a stalemate on fiscal support and rising coronavirus cases.
The MSCI world equity index .MIWD00000PUS, which tracks shares in 49 countries, was 0.3% lower, ending three days of gains. The unchanged policy setting together with a pledge the Fed would use its “full range of tools” if needed boosted risk appetite overnight. All three Wall Street indexes closed higher.
“Were that program to expire completely, it’s a meaningful hit to the economy and thus to sentiment and risk appetite,” said James Athey, investment director, Aberdeen Standard Investments. The dollar=USD has been fallen on expectations the Fed will maintain its ultra-loose monetary policy for years to come and on speculation it will allow inflation to run higher than it has previously indicated before raising interest rates., which is headed for its biggest monthly gain in 10 years, having risen about 5% so far this month. It was last down 0.3% at $1.1754.slipped 0.6% to $0.7149 after reaching its highest levels since April 2019.
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