World equity markets slipped on Thursday amid worries on global growth and as investors digested European earnings, while the Swedish crown slumped to its lowest in 17 years and the euro suffered after German data.
Asian markets had fallen earlier in the day, losing 0.5 per cent as South Korea’s economy unexpectedly contracted in the first quarter, giving a sharp reminder of the fragility of the world economy beyond the United States. Those worries on growth also played out closer to home for European investors, with fears lingering over the state of the German economy after a survey on Wednesday showed German business morale falling.
“We haven’t generally seen outright reduction, but it is easing relative to what was previously communicated to, and implied in, the markets.” “The Fed isn’t keen to hike rates, but they are the strongest of the bunch so money will gravitate towards the U.S. dollar,” said David Madden, an analyst at CMC Markets in London.The Swedish crown slumped to its lowest since August 2002, after the central bank said weak inflationary pressures meant a forecast rate hike would come slighter later than planned, holding benchmark borrowing costs unchanged.
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