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Stocks fall as Fed’s pledge relief rally fades | Malay Mail

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LONDON, July 30 — Global shares fell today as the Federal Reserve’s pledge to use all its tools to support the US economy failed to reassure investors uneasy about a stalemate on fiscal support and rising coronavirus cases. In Europe, dismal earnings reports and weaker-than-expected German GDP...

A street cleaning operative walks past the London Stock Exchange Group building in London’s financial district March 9, 2020. — Reuters pic

Investors were worried about a surge in virus cases in the United States, along with parts of Europe and Asia. Australia, India, Vietnam and North Korea were all on high alert. But the Fed was already disappearing in the rear-view mirror today. Investor focus returned to negotiations over a new coronavirus relief package for the world’s largest economy.

“At these equity prices there is absolutely no margin baked in. They are priced for utter perfection. Hence a little unease.” The dollar’s weakness has supported the euro, which is headed for its biggest monthly gain in 10 years, having risen about 5 per cent so far this month. It was last down 0.3 per cent at US$1.1755.

 

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