Asian stocks fall after Fed discusses cut in US stimulus
Associated PressBEIJING — Asian stock markets fell Thursday after the Federal Reserve discussed a possible reduction in U.S. economic stimulus and Japanese officials prepared to declare a coronavirus state of emergency during the Olympics due to a surge in infections. “The Fed minutes reinforces that much awaits to be seen in the data ahead to guide policies pullback.” The Shanghai Composite Index lost 0.5% to 3,537.23 after the Chinese Cabinet announced it will free up more money for lending by reducing the amount of deposits banks are required to hold in reserve. “The Fed’s minutes showed that a taper announcement still seems poised for the August/September time frame,” said Edward Moya of Oanda in a report. “The Fed has already pointed out they are a little nervous about inflation, and the minutes confirmed that fear.” In energy markets, benchmark U.S. crude lost 17 cents to $72.03 per barrel in electronic trading on the New York Mercantile Exchange.