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Stocks buckle, dollar stirs as divided Fed disappoints

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Asian shares were set to drift lower on Thursday as concerns about the strength of the recovery from the COVID-19 pandemic remained, even after ...

LONDON: The dollar stirred and equities recoiled on Thursday after a divided U.S. Federal Reserve dented stimulus hopes, TikTok's tug-of-war clobbered tech stocks and dire European car sales underscored coronavirus troubles.

Bond markets seemed less enlivened with U.S. Treasuries and German Bunds both quiet in early European trading though choppy equities markets were making up for it. "While the Fed expects the Fed funds rate to remain flat through 2023, it will need more time to assess the status of the economy and to change its remaining tools accordingly."

"In essence, high-tech shares were overbought and we've seen a correction since early this month," said Soichiro Monji, chief strategist at Nishimura Securities in Kyoto."I think that is still continuing, with the Fed just being a fresh trigger." "Of course, sensible people wouldn't really hold anyone to macro forecasts that far out so we'll cross that bridge when we get to it," said Derek Holt, head of capital markets economics at Scotiabank in Toronto.

The yen was little moved at 104.98 to the dollar having hit a 1-1/2-month high of 104.80 per dollar overnight.

 

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