[HONG KONG] Asian markets dropped on Thursday after a sobering Federal Reserve assessment of the US economic outlook, as talks on a stimulus that bank officials say is needed remain deadlocked. Read more at The Business Times.
Policymakers added that the"prospects for further substantial improvement in the labour market would depend on a broad and sustained reopening of businesses", which would"depend in large part on the efficacy of health measures taken to limit the spread of the virus".The bank is likely more worried about the pace of the recovery"given the stalemate on fiscal stimulus in Washington", Marvin Loh, at State Street, said.
Taipei and Seoul both lost more than two per cent, and Singapore was off more than one per cent. Manila and Wellington were also well down. But he added that with borrowing costs expected to sit around record lows for up to three years,"it is unlikely US stocks will have to deal with a particularly deep or intense air pocket as the wall of money argument seems always to win out".
The move comes after the US revoked Hong Kong's preferential trade status and is the latest blow to an increasingly fractious relationship between the superpowers that has fanned concerns about their crucial trade pact signed in January.
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