NZ shares fall as world waits on the Fed
The S&P/NZX 50 Index fell 38.17 points, or 0.3 percent, to 11,260.52. Within the index, 10 stocks rose, 31 fell, and nine were unchanged. Turnover was $188 million.
Wall Street’s upwards momentum subsided ahead of the Federal Reserve meeting. The Fed had shared a favourable outlook in December, when the coronavirus was largely unknown, but is now expected to paint a more dire picture at 6am NZT tomorrow.
Mark Lister, head of private wealth research at Craigs Investment Partners, said the meeting of the world’s biggest central bank was likely to have a neutral impact on equity markets
“The Fed is already throwing the kitchen sink at the issues,” he said. “It is hard to see them doing a whole lot more than they already are, but still people will be analysing every word and phrase.”
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