Economy

Asia Morning: US Stocks End in the Red

Asia Morning: US Stocks End in the Red”

Bank of England policymakers said they were exploring negative rates to counter ongoing risks to the labor market after voting unanimously to maintain their key interest rate at 0.1%, causing the pound to slide to an intraday low and pushing gilts higher.

Powell also reiterated that there likely needed to be more fiscal stimulus.

"Fiscal policy needs to really step up", said Matthew Sherwood, head of investment strategy for multi-asset at Perpetual Investment Management Ltd. "Consumer sentiment data and the employment picture still reflect a fragile recovery which needs to be bolstered by higher incomes".

Oil prices increased after the Organization of the Petroleum Exporting Countries (OPEC) and its allies stressed commitment to their agreed output cut. Natural gas prices tumbled the most in nearly two years after a bigger-than expected increase in stockpiles revived concerns that the glut of the fuel will increase. The S&P 500 index dipped 0.5% to close at 3,385.49. NY time, the largest drop in a week. The Dow Jones Industrial Average fell 130.4 points, or 0.47%, to 27,901.98. The Nasdaq's losses put the index down roughly 10% from a record high hit early in September and have it tracking for its worst month since March.

EUR/USD marked a day-low of 1.1737 before closing up 0.3% to 1.1853.

The Stoxx Europe 600 Index decreased 0.5% to 371.23, the first retreat in a week.

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The Bloomberg Dollar Spot Index rose 0.1%.The yen was at 104.85 per dollar.The offshore yuan traded at 6.7566 per dollar.The euro bought $1.1844, little changed.

GBP/USD gained 0.1% to 1.2975, up for a fourth straight session.

The Japanese yen also rose overnight, shrugging off a dovish-sounding Bank of Japan to ride a softer greenback and a safety bid to a seven-week peak of 104.52 per United States dollar.

The benchmark US 10-year Treasury yield marked a low of 0.646% before bouncing back to 0.6822%.

The yield on 30-year Treasuries declined three basis points to 1.43%, the largest drop in a week.

The Paris CAC 40 opened at 5,065.10 points, down 9.32 points, or 0.18 percent. US crude futures settled up 81 cents at $40.97 a barrel.



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