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Euro Stoxx 600 drops 1.5%

FXStreet (Mumbai) - The European stock markets dropped on Friday after the Fed held rates unchanged while citing external risks to the US economy.

The pan-European Euro Stoxx 600 index dropped 1.5%, while the traditional safe havens such as gold, Yen ticked higher. US index futures indicate the S&P 500 will dip 0.1% to 1,988 at the opening bell.

Moreover, the equity markets in Asia; traded mixed; and Europe reacted negatively even though Fed decided to keep the rates at record lows. The interest rate futures now indicate only 18% probability of a rate hike in October, compared to 445 before the FOMC rate decision.

The Fed’s dovish tilt underscored the fact that the slowdown in the global growth has hit the US shores and the equity market valuations appear over stretheched.

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Stephanie Sutton, Investment Director, US Equities, at Fidelity Worldwide Investment, suggests that normalisation appears increasingly imminent, with a first rate rise now likely in December after the Fed’s decision to keep rates on hold.
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The Canadian dollar strengthened to the highest levels since mid-August against its American rival during the European session, sending USD/CAD back on the 0.30 handle.
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