• Equities and gold slide, dollar gains after Federal Reserve ups economic forecasts, suggesting less chance of stimulus.
  • “The recovery is here, it’s well along,” Fed Chairman Jerome Powell said at a press conference on Wednesday.
  • S&P 500 futures fall 1.2%, pointing to a second day of losses, dollar index rises 0.1%.
  • “Markets always want more,” Robert Carnell, regional head of Asia-Pacific research at ING, said. “But, should you keep feeding them?”
  • Visit Business Insider’s homepage for more stories.


Global stocks slid on Thursday, while the dollar edged up, after the US Federal Reserve gave no indication that any new stimulus measures would be forthcoming, as the economy continues to recover from the effects of the coronavirus pandemic.

In its last meeting before US presidential elections in November, the Fed raised its forecasts for US economic growth, inflation and predicted unemployment will shrink faster

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By Tom Westbrook

SINGAPORE, Sept 4 (Reuters)Asia’s stock markets had their worst session in two weeks on Friday following a tech-led plunge on Wall Street, though gains in safer assets like bonds and dollars were muted as investors awaited U.S. job data to see if it triggers a bigger selloff.

MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS fell 1.6% and looked set for a 2.4% weekly loss, its biggest since April.

Japan’s Nikkei .N225 dropped 1%, Hong Kong’s Hang Seng .HSI fell 1.8% and Australia’s ASX 200 .AXJO 2.8%.

That was shallower than the 5% plunge on the tech-heavy Nasdaq .IXIC overnight or the S&P 500’s 3.5% drop. Those were the steepest Wall Street losses since June, but traders said a correction was overdue given recent frothy gains.

“It was steady rather than panic selling throughout,” said ING’s regional head of research Rob Carnell.


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