US stocks retreat while Bank of Japan decision weighs on yen

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MG News | January 19, 2023 at 02:24 PM GMT+05:00

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January 19, 2023: Wall Street stocks tumbled on Wednesday as traders weighed the latest US data showing slowing economic activity, while the yen retreated after the Bank of Japan decided against further tweaking monetary policy.

 Major indices in New York had opened higher following US data showing a surprisingly big drop in December retail sales and a decline in wholesale prices.

The reports added to expectations of an upcoming pivot by the Federal Reserve away from aggressive interest rate hikes, boosting sentiment.

But stocks went negative soon after the open, adding to losses in the afternoon. The S&P 500 finished down 1.6 percent.

"It seems like we got a little overbought," said Maris Ogg of Tower Bridge Advisors.

Sam Stovall, the chief investment strategist at CFRA Research, said the US data had also "highlighted recession risks."

But hopes for China's recovery continued to provide much-needed support, with Vice Premier Liu He telling the World Economic Forum that growth would likely rebound this year as the country reopens after zero-Covid.

His comments came after data showed the Chinese economy expanded last year at its slowest pace since 1976 -- excluding the pandemic-hit 2020 -- but still beat forecasts.

 The news added to hopes for a global recovery after last year's pain caused by rising prices, interest rate hikes, China's economic woes, the war in Ukraine, and a spike in energy costs that the conflict sparked.

AFP/APP

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