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Market players seek direction after US fed’s announcement

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Stocks in London fell after data showed UK retail sales fell unexpectedly in May as a lifting of lockdown restrictions encouraged spending in restaurants rather than shops

London — Stocks were stranded just below record highs on Friday, with investors left looking for direction after digesting the US Federal Reserve’s more hawkish stance.

“What has the Fed said that is particularly upsetting in terms of the outlook for interest rates and monetary policy? We are still talking 18 months’ time. It suggests the economy is improving and that is a good thing,” Hewson said. Britain’s biggest retailer reported a sharp slowdown in underlying UK sales growth in its first quarter, reflecting a tough comparison with the same quarter last year when consumers stocked up in the country's first Covid-19 lockdown.

No major data is expected and corporate news was thin, leaving investors to continue pondering what the Fed’s comments will mean for the assets they hold in coming months.While the Fed messaging indicated no clear end to supportive policy measures such as bond buying, signals of faster-than-expected rate hikes indicated its concern about inflation as the US economy recovers from the Covid-19 pandemic.

In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan was flat after falling for four sessions.Gold prices, which plunged following the Fed comments, edged higher but were still set for their worst week since March 2020. Spot gold was last up 1% at $1,790/oz.

 

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