London — US stock futures were indicating a lower open on Friday after a slide in the previous session on US rate hike expectations, though the rate outlook briefly drove the dollar to its highest in 20 years.The US currency was finding favour after the Federal Reserve raised rates by 50 basis points this week. The market is pricing in a more than 90% chance of a 75 bps hike in June, according to Refinitiv data.
European stocks fell 1.14% to their lowest since mid-March and were heading towards their worst week in two months. Britain’s FTSE dropped 0.73%.The dollar hit a 20-year high of 104.06 against an index of currencies before trimming gains.The euro rose 0.45% to $1.0584, however. MSCI’s broadest index of Asia-Pacific shares outside Japan shed 2.69% and hit its lowest level since March 16, the day when Chinese vice premier Liu He boosted shares by pledging to support markets and the economy.
China will fight any comments and actions that distort, doubt or deny the country’s Covid-19 response policy, state television reported on Thursday, after a meeting of the country’s highest decision-making body.