SYDNEY: Asian share markets slipped on Monday as investors braced for a Federal Reserve meeting at which it is expected to confirm it will soon start draining the massive lake of liquidity that has supercharged growth stocks in recent years.
That might be one reason EUROSTOXX 50 futures slipped 0.5per cent, while FTSE futures fell 0.4 per cent. 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 0.25 per cent in March and three more to 1.0 per cent by year end.
The rout was exacerbated by a slide in Netflix, which tumbled almost 22 per cent, shedding US$44 billion in market value. "Investors may not be able to rely on a so-called 'Fed put' this time around, given that the central bank's tightening cycle has not even begun, and that the strength of the U.S. economy suggests that much tighter policy is warranted."
That rise has generally supported the US dollar, which added 0.5 per cent on a basket of currencies last week and last stood at 85.647. The euro was stuck at US$1.1324, having failed to sustain a recent rally to near US$1.1500.
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