Asia stocks set to fall on Fed's dour outlook

FILE PHOTO: Passersby wearing protective face masks following an outbreak of the coronavirus disease are reflected on a screen displaying stock prices outside a brokerage in Tokyo, Japan, March 17, 2020. REUTERS/Issei Kato

Australian S&P/ASX 200 futures were down 1.08%, while Japan’s Nikkei 225 futures fell 1.2%. Hong Kong’s Hang Seng index futures were 0.31% lower. “The broad downgrade in banking stocks came as the market wasn’t sure what the extent of their loan loss provisions would be,” Cox said. The dollar fell to a three-month trough against the euro, sterling and Swiss franc after the Fed’s pledge to keep monetary policy loose until the U.S. economy is back on track.

U.S. Treasury yields fell as the Fed promised to maintain monthly bond purchases at “the current pace” of about $80 billion in Treasuries and $40 billion in agency and mortgage-backed securities.

Nasdaq futures are up.

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Asia stocks set to trade lower as Fed signals no rate hikes through 2022; Netease's Hong Kong debut aheadStocks in Asia Pacific were set to trade lower on Thursday after the U.S. Federal Reserve indicated on Wednesday that it would keep interest rates near zero through 2022. realDonaldTrump Fake news Trump. No rate hike is bad for the stock market? Really? Don't you have some executive powers to shut fake news up. US gave new formula to the World,'increase in pandemic case& decreases in GDP is the right time to invest '
Source: CNBC - 🏆 12. / 72 Read more »