- Asian and European shares have mostly fallen after the Fed said that, as expected, it would reduce its bond-buying by another $10B a month to $65B. What was notable was that the Fed made no mention of the turmoil in emerging markets in its statement.
- The mood today has not been helped by confirmation that Chinese manufacturing activity contracted this month.
- Asian stocks had mainly risen yesterday following sharp rate hikes in Turkey, which had sent other regions higher before the effect wore off during the day.
- Japan -2.5%, Hong Kong -0.5%, China -0.8%, India -0.8%.
- EU Stoxx 50 -0.4%, London -0.6%, Paris -0.4%, Frankfurt -0.5%, Milan +0.3%, Madrid -0.15%.
- U.S. stock futures are up after Wall Street suffered notable losses yesterday: Dow +0.2%. S&P +0.2%. Nasdaq +0.2%
- The dollar index is +0.35%.