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World shares fall as markets await Fed meeting, taper timeline

Stock MarketsSep 17, 2021 05:16PM ET
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2/2 © Reuters. FILE PHOTO: Investors stand in front of an electronic board showing stock information on the first trading day after the week-long Lunar New Year holiday at a brokerage house in Shanghai, China, February 15, 2016. REUTERS/Aly Song//File Photo 2/2

By Elizabeth Dilts Marshall

NEW YORK (Reuters) - World shares fell on Friday after a week of mixed economic data and fears over the stability of growth and Asian markets put the focus on the U.S. Federal Reserve's timeline for tapering asset purchases.

U.S. stocks ended sharply lower in a broad sell-off on Friday. All three major U.S. stock indexes lost ground, with the Nasdaq Composite Index weighed down as rising U.S. Treasury yields pressured market-leading growth stocks.

The 10-year U.S. Treasury note yield briefly touched 1.3855%, its highest level since July 14, while the dollar hit a three-week high.

MSCI's gauge of stocks across the globe shed 0.71%, while the pan-European STOXX 600 index closed down 0.9% for a third-straight week of losses. So far this month, the STOXX is down about 2%.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.29%.

Investors hope the Fed's meeting next week will yield more clarity on its plan to slow down asset purchases, and when it might raise interest rates.

Shares in embattled property developer China Evergrande, which has two trillion yuan ($310 billion) in liabilities and faces an $80 million bond coupon payment next week, dropped 30% this week.

Concerns grew that a potential U.S. corporate tax hike could erode earnings as leading Democrats and President Joe Biden sought to raise the top tax rate on corporations to 26.5% from the current 21%.

"Fear seems to be creeping back into the market, and that can be a healthy dynamic, said Callie Cox, Ally Invest senior investment strategist. "We wouldn't be surprised to see a pullback here."

The Dow Jones Industrial Average fell 166.44 points, or 0.48%, to 34,584.88; the S&P 500 lost 40.76 points, or 0.91%, at 4,432.99; and the Nasdaq Composite dropped 137.96 points, or 0.91%, to 15,043.97.

The 10-year Treasury note yield rose 3.9 basis points to 1.3702%.

The yield on Germany's 10-year government bond, the benchmark for the euro zone, was at -0.280% after rising as much as 3.5 basis points to a two-month high of -0.277%, after a Financial Times report suggested the European Central Bank expects to hit its 2% inflation target by 2025.

Stronger-than-expected U.S. retail sales data on Thursday boosted the dollar, which held steady near the previous day's three-week high against an index of currencies.

The dollar index, a gauge of the greenback's value against six major currencies, rose 0.387%, its highest since late August.

The euro down 0.32% to $1.1726.

Spot gold dropped 0.1% to $1,752.48 an ounce. U.S. gold futures fell 0.26% to $1,749.40 an ounce.[GOL/]

U.S. crude recently fell 64 cents to $71.97 per barrel, and Brent settled at $75.34 a barrel, down 33 cents on the day.

World shares fall as markets await Fed meeting, taper timeline
 

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Comments (8)
Sugianto Polisi
Sugianto Polisi Sep 18, 2021 10:39AM ET
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SUGIANTO.. JLSUMBER..166..
qadeer tabassum
qadeer tabassum Sep 18, 2021 9:45AM ET
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will gold go up l on coming days
Jose Cabreja
Jose Cabreja Sep 18, 2021 8:24AM ET
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fear is healthy 🤣🤣🤣
Bala Krishnan
Bala Krishnan Sep 17, 2021 10:10PM ET
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gold will surge coming days
Eldrish eldoran
Eldrish eldoran Sep 17, 2021 10:10PM ET
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FOMC meeting on the 22th usually a good buying oppertunity and the week 2 after it, it will rise :)
Jeff Chevalier
Jeff Chevalier Sep 17, 2021 10:10PM ET
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I have a hard time believing anyone that says 22th...
Chris Sundo
Chris Sundo Sep 17, 2021 10:56AM ET
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Relocate your manufacturing out of China while you can! Build up new manufacturing centers elsewhere that cater to the benefit of the working people rather than the benefit of the People's Republic's party bosses who abuse the people and then use the leverage to squeeze their peaceful neighbors and trading partners. --- Please tell India to clean up its caste system and the cow situation which hinders cleanliness everywhere. -- India needs to clean up its act on many levels including their belief system: just rewrite it and reduce the waste of time for praying and interrupting work during the day. And please tell India to respect women as they are the other pillar of society and the ones who bear and raise our children. India needs to formalize a national holiday called the National Day of Women In support of a better future.
Jeff Chevalier
Jeff Chevalier Sep 17, 2021 10:56AM ET
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LOL, change the world is what you're asking for?
Chris Sundo
Chris Sundo Sep 17, 2021 10:42AM ET
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Could be a crash on Monday coming up.
Chris Sundo
Chris Sundo Sep 17, 2021 10:42AM ET
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Let's get it over with WHILE IT'S EASY. We need an $NDX touch-down to the 50 DMA anyway, AND preferably close below it for at least one day! The $INDU has been leading the way and $COPPER too. -- If we do a quick touch-down to the $NDX 50 DMA on Monday then we can prevent the 20 DMA from crossing the 50 DMA and come back up to continue the party for a while longer. Fair deal?
Arvind Rajput
Arvind Rajput Sep 17, 2021 10:42AM ET
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yes
trevor hron
trevor hron Sep 17, 2021 10:42AM ET
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It sure seems like a strong possibility. Lots of weakness today and dip buyers got ran over. If that continues into monday bulls will be stuck selling. Adding to the downside risk.
Chris Sundo
Chris Sundo Sep 17, 2021 10:39AM ET
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Evergrande China, after the Suez Canal Evergiven ship blockage. Hmm, maybe the Suez Canal mishap was a foreshadowing for this one here. -- Whatever seems too good to be true must have a snare associated with it. Ever Grande seems to be failing here. And the Evergiven ship got stuck .. no giving there at all. __ Either way, the creditors are going to be learning a hard lesson: Never vouch for China coz you're gonna be a collateral victim, sooner or later. Haven't you learned enough about how terr. 'orists do biz?
Darrell Peterson
Darrell Peterson Sep 17, 2021 12:50AM ET
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Within 7 months the Markets will be far , far lower than they are now , lead pipe , lock cinch .
Ivan Ivan
Ivan Ivan Sep 17, 2021 12:50AM ET
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Big money just need to sell the big tech stocks and buy the dip. That's all what's going on.
 
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