Asian markets up on Fed stand, strong yen hits Tokyo
Asian markets mostly rose on Wednesday after US Federal Reserve head Ben Bernanke reaffirmed the central bank’s huge monetary easing scheme, but a stronger yen sent Tokyo lower.
Asian markets mostly rose on Wednesday after US Federal Reserve head Ben Bernanke reaffirmed the central bank’s huge monetary easing scheme, but a stronger yen sent Tokyo lower.
Oil fell below $95 a barrel Thursday as disagreement among U.S. Federal Reserve officials about its super easy monetary policy weighed on prices ahead of the release of a report on U.S. crude inventories.
Expressions of doubt by Federal Reserve policymakers about the massive bond-buying program they launched to help stimulate the U.S. economy caused Asian stock markets to fall Thursday.
Federal Reserve officials in 2007 badly underestimated the scope of the approaching financial crisis and how it would tip the U.S. economy into the deepest recession since the Great Depression, transcripts of the Fed’s policy meetings that year show.
British bank HSBC will pay $249 million to settle federal complaints that its U.S. division wrongfully foreclosed on homeowners who should have been allowed to stay in their homes.
Stronger manufacturing data from China pushed the euro to a seven-month high against the dollar Friday. Traders also sold the dollar after a report showed that U.S. inflation has remained mild, leading traders to anticipate that the Federal Reserve will keep interest rates low.
The Federal Reserve’s announcement of an open-ended QE3 program and pledge of low rates until mid-2015 sent the dollar falling Thursday against major currencies.
Chairman Ben Bernanke sent a clear message Friday that the Federal Reserve will do more to help the still-struggling U.S. economy.
Asian stocks were mostly higher in choppy trading on Wednesday following a big rally in US markets, though gains were limited by persistent worries over Europe’s ability to contain a simmering debt crisis.
Asian stock markets on Wednesday followed Wall Street into negative territory after the Federal Reserve voiced concern about U.S. job growth but appeared to refrain from taking steps to prop up the economy.
The dollar strengthened against other major currencies Tuesday after the Federal Reserve signaled there would be no fresh stimulus to get the sluggish US economy growing more vigorously.
Federal Reserve Chairman Ben Bernanke said recently that small businesses are still struggling to get loans more than two years after the recession ended. He said that banks could help them by easing overly tight lending standards.
