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Asian stocks retreat on lack of new Fed action

Asian stock markets have retreated after the U.S. Federal Reserve indicated it will keep interest rates near zero but announced no fresh stimulus plans. Shanghai, Tokyo and Hong Kong all declined. Wall Street’s benchmark S&P 500 index lost 0.5% after the Fed’s latest report. The U.S. central bank also issued a less dire outlook for economic growth and unemployment. Global markets have recovered most of this year’s losses, boosted by central bank infusions of credit into struggling economies and hopes for a coronavirus vaccine. U.S. investors are counting on Congress for a new support package but legislators are deadlocked on its possible size.

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Associated Press

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