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.
Australian stocks dropped 1.04% due to concern that ties with China will worsen further after a report that Australian regulators will reject acquisitions by a Chinese company. 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.
“It was a decent day for banks, Apple, and Nike but everything else was in the reverse after the Fed said economic conditions will be difficult for a while,” said Jamie Cox, managing partner at Harris Financial Group. The readout on Fed discussions provides hints to further action that the U.S. central bank could take in September. No change in interest rate policy is expected until end-2021.
The yield on benchmark 10-year Treasury notes fell slightly to 0.6623% while those on the 20-year bond also fell to 1.1708% in Asia.
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