Markets down over Fed signal
Asian markets were broadly down on Thursday after the Fed signalled a possible inflation-induced policy change, while concerns lingered over China’s crackdown on tech giants.
The Federal Reserve said on Wednesday that while rising prices were expected as the US economy recovered from the pandemic, the inflation jump was higher than expected.
US markets appeared ready to set aside inflation fears - at least for the time being - with Wall Street finishing modestly higher as both the S&P 500 and Nasdaq edged to records.
The strong overnight lead from Wall Street provided some boost in Asia but Tokyo was down on Thursday morning with possible gloom on the horizon as the Japanese government debated further Covid-19 lockdowns to fight a surge in infections.
Hong Kong stocks opened lower, extending losses into a seventh day, on continued concerns about China’s crackdown on the country’s tech giants.
Published in The Express Tribune, July 9th, 2021.
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