Shares and the euro fall on Friday after disappointing German data adds to fears of a global slowdown prompted by Fed’s dovish turn
London — German 10-year bond yields crashed briefly below zero while European shares and the euro fell on Friday after another set of disappointing German economic data added to fears of a global slowdown prompted by this week’s dovish turn by the US Federal Reserve.
“Numbers like the ones we have seen this morning from the European manufacturing sector in Europe would suggest there is more weak data to come,” said Tim Graf, Europe, Middle East and Africa head of macro strategy at State Street Global Advisors. The German data compounded worries about the US economic outlook after the Fed on Wednesday surprised investors by adopting a sharply dovish stance, anticipating no further interest rate hikes this year and ending its balance sheet rolloffs.
“The main market reaction to the Fed’s announcement was that it has become a consensus that the Fed’s next move is a rate cut,” said Naoya Oshikubo, senior manager at Sumitomo Mitsui Trust Asset. Bloomberg reported on Friday that US officials downplayed the prospect of an imminent trade deal with Beijing, just as a US trade delegation headed by trade representative Robert Lighthizer and treasury secretary Steven Mnuchin is set to visit China on March 28-29.
Britain’s pound stood at $1.3082 after recovering overnight when EU leaders gave Prime Minister Theresa May a two-week reprieve, until April 12, to decide how to leave the EU.Sterling had plunged towards $1.30 on Thursday in its biggest one-day fall of 2019 as fears mounted that Britain would crash out of the EU on March 29.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Asian shares gain ground on accommodative FedEquities rise and bonds are in demand globally on the mounting speculation the US Federal Reserve will strike a dovish stance at its policy meeting this week
Read more »
MARKET WRAP: JSE tracks most major global markets firmerGold and platinum shares rise after labour court disallows sympathy strike in the sectors
Read more »
VR Laser shareholder forced to sell shares below market value, Zondo hears | IOL NewsThe Zondo commission has heard how a shareholder of Gupta-linked VR Laser was forced out of the company and pressured to sell his shares.
Read more »
Asian shares slip from six-month highEquities fall as traders take profits ahead of a Fed policy decision that is expected to provide clues on its interest rate plans for the year
Read more »
Asian shares are hardly changed as traders focus on Fed meetingEquities are range-bound ahead of the a Federal Reserve policy meeting, but the expectation the central bank might strike a dovish tone provides support
Read more »
Trump shares conspiracy theory about New Zealand mosque attack being a ‘hoax’This was just one of several conspiracy theories seemingly embraced by the US President on Sunday.
Read more »
Nike 'deeply concerned', Juventus shares drop amid Ronaldo rape allegationsRECAP: Nike said it was “deeply concerned” by rape allegations against Cristiano Ronaldo and shares in Italian champions Juventus fell over five percent on the Italian stock exchange.
Read more »
Steinhoff shares jump on PwC reportThe report shows that about €6.5bn worth of fictitious transactions between 2009 and 2017 inflated the group’s profits and asset value
Read more »
Mzansi shares load-shedding survival tips as power cuts continueFollowing Tuesday's Eskom briefing on load-shedding, South Africans have had to come to terms with the fact that they might be in the dark for at least another 10 days.
Read more »
Mzansi shares load-shedding survival tips as power cuts continueFollowing Tuesday's Eskom briefing on load-shedding, South Africans have had to come to terms with the fact that they might be in the dark for at least another 10 days.
Read more »