SYDNEY - Asian stocks shuddered lower on Friday after the European Central Bank slashed its growth forecasts and launched an emergency round of policy stimulus, leaving investors fearing the worst for the global economy.
The reversal came in the same week that Canada’s central bank took a sudden dovish turn and dismal data from Australia to the UK instilled a sense of foreboding in markets. Yields on German and French 10-year bonds dived to their lowest since 2016, while banking stocks took a beating. The euro duly sank to depths last seen in mid-2017, sending the safe-haven U.S. dollar and yen surging.
The numbers are still likely to highlight the relative outperformance of the U.S. economy, especially against the European Union, and further encourage dollar bulls.The euro cowered at $1.1190, having suffered its biggest one-day loss against the dollar since June 14, 2018 when the ECB last pushed back plans for a rate hike.
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