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You are here: Home / Business / Stocks poised for biggest drop in two weeks on US and China concerns

Stocks poised for biggest drop in two weeks on US and China concerns

November 9, 2018 channelnewsasia Leave a Comment

LONDON: Global stocks were heading for their biggest drop in two weeks and emerging market currencies also slipped on Friday as a confident U.S. central bank and weak Chinese data hit demand for risky assets. MSCI’s gauge of stocks across the globe fell half a percent, its biggest drop since Oct. 26, as the U.S. Federal Reserve held interest rates as expected but indicated that another rate increase is likely in December. While the decision to hold rates was anticipated by markets, some participants had expected a more cautious approach from the central bank after a stock market rout in October. But the Fed indicated a December increase is a distinct possibility in a robust economy. That contrasts sharply with China, where cooling producer price inflation and falling car sales suggested an economy struggling to gain traction. “Worries about trade wars and how the slowdown in China will impact the rest of the world mean stocks appear to be more risky, so there’s a typical risk-off move in markets today,” said DZ Bank rates strategist Pascal Segesser. Stocks in Hong Kong and China were the main losers in Asia, where a financial sector sub-index fell more than 2 percent after China’s banking watchdog told lenders to allocate at least a third of new loans to private companies, raising the prospects of a jump in bad assets. European stocks followed Asia lower, with main indexes opening in the red, though a batch of company earnings and UK GDP data might offer… [Read full story]




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