London — Share markets flatlined on Thursday as uncertainty over the outlook for US interest-rate cuts following the release of minutes from the US Federal Reserve's last policy meeting kept investors on edge.
The Fed cut rates 0.25% in July. While a “couple” of Fed members supported a deeper cut of half a percentage point, “several” favoured no change at all. “The update last night was a bit of a reality check — maybe don't get ahead of yourself on what the Fed is going to do,” said David Madden, market analyst at CMC Markets.
But beyond the US, worries about the fragility of the global economy were evident in data from Europe on Thursday. US President Donald Trump has been urging larger rate reductions, with proponents of looser policy pointing to the need to lift inflation toward the Fed's target and thwart fallout from global trade tensions.
Currency traders said that while the Chinese economy's slowing growth meant pressure had been building on the renminbi from long before, the new fall suggested Beijing was prepared to use the currency as leverage as trade tensions simmer.
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