Stocks buckle, dollar stirs as divided Fed disappoints

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.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Asian stocks set for mixed session as investors await FedAsian shares were set for a mixed open on Wednesday as investors awaited the Federal Reserve's view on the economy at the end of its policy ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Tokyo: Stocks open lower on Thursday[TOKYO] Tokyo stocks opened lower on Thursday tracking falls on Wall Street, a day after Japan's parliament elected Yoshihide Suga the country's new prime minister. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

Asia stocks cheer upbeat data but temper appetite ahead of Fed meetingSHANGHAI (Reuters) - Most Asian shares rose on Wednesday (Sept 16), extending a rally driven by upbeat Chinese and US economic data, but the dollar, US yields and gold held steady as investors awaited the Federal Reserve's view on the economy at its policy meeting.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »

Wall Street steady before Fed; tech stocks under pressureThe S&P 500 and Dow Jones indexes rose on Wednesday on hopes that the Federal Reserve would continue to keep interest rates low for a prolonged ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

S&P 500, Dow rise before Fed; tech stocks pull down NasdaqThe S&P 500 and Dow Jones indexes rose on Wednesday on hopes that the Federal Reserve would continue to keep interest rates low for a prolonged ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »