Asian, European markets follow Wall Street down as traders eye Fed meeting | Malay Mail

24/1/2022 2:15:00 PM

Asian, European markets follow Wall Street down as traders eye Fed meeting | Malay Mail

Asian Markets, European Markets

Asian, European markets follow Wall Street down as traders eye Fed meeting | Malay Mail

HONG KONG, Jan 24 — Most markets sank in Asia and Europe today following another painful sell-off on Wall Street, with investors’ focus on the Federal Reserve’s next policy meeting this week, where officials are expected to unveil their plans to battle soaring inflation. Tech firms — which...

Tech firms — which soared on the back of the pandemic — led the retreat in New York after weak subscriber figures from Netflix fuelled concerns that the end of lockdowns and reopening of economies is seeing consumers changing their spending habits.Commentators have tipped the first increase in borrowing costs in March followed by another three hikes before the end of the year, while the central bank is also forecast to start running down its vast bond-holdings that have helped keep rates down.

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Asia shares tense as Fed looms, Ukraine a concern | Malay MailSYDNEY, Jan 24 — Asian share markets slipped today with the Federal Reserve expected to confirm it will soon start draining the massive liquidity that has fuelled the huge gains in growth stocks in recent years. Adding to the caution was concerns about a possible Russian attack on Ukraine with...

Cryptocurrencies pause after weekend battering, other currencies wait for Fed | Malay MailHONG KONG, Jan 24 — The dollar traded steady today ahead of the US Federal Reserve’s January policy meeting later this week, while bitcoin lay bruised near a six-month low hit over the weekend, hurt by a sell-off in technology stocks. “The Fed has got markets by the leash. And this week, it...

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HONG KONG, Jan 24 — Most markets sank in Asia and Europe today following another painful sell-off on Wall Street, with investors’ focus on the Federal Reserve’s next policy meeting this week, where officials are expected to unveil their plans to battle soaring inflation. Tech firms — which soared on the back of the pandemic — led the retreat in New York after weak subscriber figures from Netflix fuelled concerns that the end of lockdowns and reopening of economies is seeing consumers changing their spending habits. London’s benchmark FTSE 100 index of major blue-chip companies dropped 0. That comes as traders contemplate the end of the ultra-loose monetary policies put in place by central banks in early 2020 to cushion the impact of Covid-19 containment measures, with the Fed expected to start lifting interest rates from March. He called for prayers “that every political action and initiative serve human brotherhood, rather than partisan interests”. Minutes from the Fed’s December gathering indicated officials were turning more hawkish as they grow increasingly concerned about inflation, which is sitting at a four-decade high.53 points compared with Friday’s close. Commentators have tipped the first increase in borrowing costs in March followed by another three hikes before the end of the year, while the central bank is also forecast to start running down its vast bond-holdings that have helped keep rates down.1 per cent and Japan’s Nikkei 1.

Economists at Goldman Sachs said at the weekend they saw increases in March, June, September and December, with July as the start of the Fed’s balance sheet reduction but warned inflation pressures meant “risks are tilted somewhat to the upside of our baseline”.3 per cent to 15,556.” Tensions between Moscow and Washington are on a knife’s edge over Ukraine, which Europe and the United States has said has been surrounded by some 100,000 Russian troops in preparation for an invasion. They were also concerned the virus would continue to cause supply-demand imbalances while strong wage growth was also a worry, suggesting inflation would remain an ongoing problem. “We see a risk that the (policy board) will want to take some tightening action at every meeting until that picture changes,” the economists said.3 per cent to stand at 7,050. “This raises the possibility of a hike or an earlier balance sheet announcement in May, and of more than four hikes this year.” The prospect of tighter policy has battered markets in recent weeks, with the Nasdaq in New York down about 15 per cent from its recent peak—tech firms are considered more susceptible to higher rates. Most markets sank in Asian trade following another painful New York sell-off, with investors’ focus on the Federal Reserve’s next policy meeting this week — when officials are expected to unveil their plans to battle soaring inflation. Edgy markets are now even pricing in a small chance the Fed hikes rates this week, though the overwhelming expectation is for a first move to 0.

  The S&P 500 is down more than eight per cent from a record high touched at the start of the month, and observers said it could see even more losses in coming weeks. The selling filtered through to Asia, with Mumbai 2.2 per cent down as it extended losses into a fifth day, while Hong Kong, Seoul, Jakarta and Wellington were each down more than one per cent. There were also losses in Sydney, Singapore, Manila and Bangkok, but Tokyo, Shanghai and Taipei squeezed out gains. London, Paris and Frankfurt all opened lower. The rout was exacerbated by a slide in Netflix, which tumbled almost 22 per cent, shedding US$44 billion (RM184.

“The shift in tone from central banks would appear to suggest that they have belatedly started to become more concerned about how recent price surges might become more embedded than was thought to be the case only a few weeks ago,” said CMC Markets analyst Michael Hewson. “It’s not hard to see why when you look at inflation levels that are now at levels last seen in the 1980s and 1990s.” He added that geopolitical concerns surrounding Russia’s military build-up on the Ukraine border were also weighing on traders’ minds. Still, oil prices rose on optimism that demand will improve as countries reopen and the Omicron variant shows signs it may be peaking, allowing people to travel more freely and providing a boost to consumption. “Physical market demand is strong, as is optimism over Covid turning endemic,” Vandana Hari, of Vanda Insights, said.” Indeed, the first reading of US gross domestic product for the December quarter is due this week and forecast to show growth running at an annualised 5.

“Oil’s narrative remains bullish, pointing to continued strength in prices interrupted by mild pullbacks.” Key figures around 0820 GMT Tokyo — Nikkei 225: UP 0.2 per cent at 27,588.37 (close) Hong Kong — Hang Seng Index: DOWN 1.2 per cent at 24,656. That rise has generally supported the US dollar, which added 0.

46 (close) London — FTSE 100: DOWN 0.6 per cent at 7,446.02 Shanghai — Composite: FLAT at 3,524.11 (close) Euro/dollar: DOWN at US$1.1318 from US$1.1500.

1344 late Friday Pound/dollar: DOWN at US$1.3543 from US$1.3553 Euro/pound: DOWN at 83.58 pence from 83.67 pence Dollar/yen: UP at 113.66 and uncomfortably close to last week’s low of 113.

76 yen from 113.70 yen West Texas Intermediate: UP 0.6 per cent at US$85.68 per barrel Brent North Sea crude: UP 0.6 per cent at US$88.64 a barrel, while US crude rose 70 cents to US$85.

42 per barrel New York — Dow: DOWN 1.3 per cent at 34,265.37 (close) Bloomberg News contributed to this story — AFP You May Also Like .