![]() The Fed has already hiked its main interest rate to levels unseen since 2001, which helps slow inflation but at the cost of hurting investment prices. That followed a drop of 0.9% from Wednesday after the Federal Reserve indicated it may cut interest rates next year by just half of what it had earlier predicted. The S&P 500 lost 1.6% for its worst day since March, closing at 4,330.00. On Thursday, Wall Street fell sharply in an ugly day for stocks worldwide. It was the first time the nation’s books were balanced in 15 years, with officials citing low unemployment and high prices for the country’s commodities, including iron ore, coal and gas. Hong Kong’s Hang Seng gained 0.7% to 17,773.42 and the Shanghai Composite index climbed 0.6% to 3,102.10.Īustralia’s S&P/ASX 200 sank 0.8% to 7,009.40 even as the government reported a $14.2 billion budget surplus for the last fiscal year. That suggests the central bank is still wary of falling back into deflation, or chronically falling prices that can sap economic growth. It forecast that even though inflation has surpassed its 2% target, it is likely to subside. “Japan’s economy is likely to continue recovering moderately for the time being, supported by factors such as the materialization of pent-up demand” after the pandemic, the Bank of Japan said in a policy statement. Japan’s central bank kept its benchmark interest rate at minus 0.1%, as expected, but pledged flexibility in its policies. futures edged higher and oil prices rose. Hong Kong and Shanghai advanced while Tokyo, Seoul and Sydney declined. interest rates will stay high well into next year. ![]() ![]() NEW YORK (AP) Asian shares were mixed on Friday after another slump on Wall Street driven by expectations that U.S.
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