SYDNEY: Asian markets were set for a fraught session on Tuesday after Wall Street suffered its biggest one-day loss since the 2008 financial crisis, piling pressure on policy makers globally to short-circuit the panic.
E-Mini futures for the S&P 500 were at least trying to steady, rallying 1per cent in Asia after an early slide.AdvertisementWall Street had been on the brink of a bear market with all the major indices down almost 20per cent from their all-time peak, which amazingly were touched just 13 sessions ago.
U.S. crude inched up 92 cents to US$32.05 on Tuesday, though that followed a 24per cent plunge overnight. "Because of the risks, we expect central banks to cut policy interest rates further as well as use other, unconventional, monetary policy tools." Britain's finance minister is due to deliver his annual budget on Wednesday and there is much talk of coordinated stimulus with the Bank of England.
The dive in yields and Fed rate expectations has put an end to a multi-year uptrend for the dollar, to the benefit of the Japanese yen, euro and Swiss franc.
Source: Financial Digest (financialdigest.net)
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