Shares fell broadly in New York, with materials and health care leading all 11 of the SP 500’s industry sectors lower as investors surrendered to the prospect of a series 50-bais-point rate increases by the Federal Reserve.P 500 was 2.3 per cent lower and the Nasdaq had shed 2.1 per cent.
“After years of being very accommodative, the Fed has made it clear that policy is going to be tighter for the foreseeable future,” said Brian Price, head of investment management for Commonwealth Financial Network, and that’s giving investors reason to rethink positions. The VIX leapt more than 19 per cent to top 27. The NYSE Fang + Index was 1.4 per cent lower. Twitter was 4 per cent higher, Snap was 1.3 per cent lower and Netflix slid another 2.4 per cent.
ASX futures slid 78 points or 1.1 per cent to 7370 near 4.10am AEST. The ASX will be closed on Monday 25 April for ANZAC Day. The local currency was 1.8 per cent lower to US72.45¢ at 4.20am AEST; the Bloomberg dollar spot index was 0.6 per cent higher.The yield on the US 10-year note were flat at 2.91 per cent at 2.17pm in New York.Overseas: France’s presidential election is on Sunday; central bankers gather in Japan and Norway on Thursday; US first-quarter GDP also will be released on Thursday.AUD -1.1% to 72.45 US centsP 500 -2.2% Nasdaq -2%In Europe: Stoxx 50 -2.2% FTSE -1.4% CAC -2% DAX -2.5%Brent crude -1.
Source: Loan Digest (loandigest.net)
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