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Near $1 Trillion Tech Stock Wipeout In A Week Offsets Central Banks' Pivot Hopes
Tech stock wipeout offsets central bank pivot hopes World share markets were down for a second day running on Friday as a near $1 trillion weekly wipeout in top tech stocks outweighed hopes of a slowdown in Fed and ECB rate rises and news that the U.S. economy is not in recession yet. Still, Indian stocks rose for the second straight day, but ended well off day's highs. In November last year we were as high as $1.9 trillion, so quite a fall to say the least," said Deutsche Bank strategist Jim Reid. Investors are now turning their attention to the Federal Reserve meeting next week. The less hawkish comments from the ECB added to expectations that central banks are likely to slow the pace of monetary tightening, especially after the Bank of Canada surprised the market by delivering a smaller-than-anticipated rate hike on Wednesday. The euro was down below parity again at $0.9944, while the BOJ's stance pushed the yen down 0.8 per cent to 147.43 to the dollar. Source - NDTV
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