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Markets retreat on Fed fears

by LLB Editor
20th Aug 20 10:34 am

A sea of red greeted investors on Thursday with equities falling across Europe and Asia, mirroring the performance on Wall Street last night. Markets didn’t like the US Federal Reserve’s latest comments where it said there were still risks to economic recovery.

“The FTSE 100 fell 0.9% to 6,057 with miners, financials, telecoms and energy the worst performing sectors. It was certainly a risk-off day, with investors shifting their focus to more defensive areas such as utilities and healthcare.

“In Germany, the DAX fell by 0.8% and in Hong Kong the Hang Seng declined by 1.4%.

“Gold found some support in the wake of the equities sell-off with the precious metal nudging up to $1,934 per ounce,” says Russ Mould, investment director at AJ Bell.

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