Asian stocks were set to fall on Thursday after gloomy economic projections from the U.S. Federal Reserve sent the greenback and most Wall Street shares lower.
FILE PHOTO: Passersby wearing protective face masks following an outbreak of the coronavirus disease are reflected on a screen displaying stock prices outside a brokerage in Tokyo, Japan, March 17, 2020. REUTERS/Issei Kato
Australian S&P/ASX 200 futures were down 1.08%, while Japan’s Nikkei 225 futures fell 1.2%. Hong Kong’s Hang Seng index futures were 0.31% lower. “The broad downgrade in banking stocks came as the market wasn’t sure what the extent of their loan loss provisions would be,” Cox said. The dollar fell to a three-month trough against the euro, sterling and Swiss franc after the Fed’s pledge to keep monetary policy loose until the U.S. economy is back on track.
U.S. Treasury yields fell as the Fed promised to maintain monthly bond purchases at “the current pace” of about $80 billion in Treasuries and $40 billion in agency and mortgage-backed securities.
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