Asian stocks stepped back from near eight-month highs on Thursday and the dollar...
SYDNEY - Asian stocks stepped back from near eight-month highs on Thursday and the dollar eased as European and U.S. central banks reinforced investor worries about the global economic outlook and trade protectionism.
MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.3 percent after four straight days of gains took it to the highest since last August. “Traders continue to operate in a ‘wait and watch’ mode as they look for the next opportunity in a cautious market. Two big event risks are now behind us with the ECB and Fed.”
Minutes from a March 19-20 meeting of Federal Reserve policymakers showed they agreed to be patient about any changes to interest rate policy as they saw the U.S. economy weathering a global slowdown without a recession in the next few years. “There were big worries last year that central banks globally are moving towards policy tightening. Those fears have reversed now,” said Shane Oliver, chief economist at AMP.
In currencies, the British pound was slightly higher at $1.3099 after European leaders agreed to extend the deadline for UK to leave the union to the end of October, averting a potential crash out of the bloc on Friday with no divorce deal.
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