Asian stocks slump, gold jumps after dovish Fed

TOKYO/NEW YORK - Asian equities and U.S. futures fell on Thursday, hurt by the U.S. Federal Reserve’s cautious view of the economy, tensions with China and new clusters of coronavirus infections.

Shares in China fell 1.28% due to dwindling expectations for additional monetary easing after the People’s Bank of China kept a benchmark lending rate unchanged on Thursday. The iPhone maker’s shares rose 1.4% to make the first publicly listed U.S. company reach $2 trillion in market capitalisation, while strong results from retailers Target and Lowe’s also lifted sentiment.

“We’ve seen some good numbers out of retail but there’s uncertainty that these companies won’t replicate those earnings without some stimulus.”

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