Wednesday, 19 December, 2018

Donald Trump says Fed has 'gone crazy' after Dow Industrial Average tumbles

U.S. markets drop sharply as investors are spooked by rising rates Dow Jones plunges 800 points as tech stocks tumble
Russell Knight | 12 October, 2018, 04:36

Markets across the world have crashed over the past few days.

As Hurricane Michael pummeled Florida, Wall Street was battered by storms as well, with the Dow shedding about 830 points, in the biggest fall since February, to close the day at 25,498.74.

The steep drop in Asia followed Wednesday's plunge in NY, with the Dow Jones dropping almost 830 points - the biggest fall since February - after Trump's latest criticism of the Federal Reserve.

US stocks dropped for a second day on Thursday, underscoring investors' concerns over rising interest rates and a trade war, despite inflation data that was weaker than expected.

In July, the president complained about the Federal Reserve raising interest rates. Investors would withdraw money from the Indian markets as the U.S. ones would offer better rate of return.

The rate was near zero from 2008 to the end of 2015 when the Fed first began to gradually increase it, "tightening" monetary policy, something it has done three times so far this year. And, this has left Donald Trump unhappy.

The turmoil on stock markets came after the International Monetary Fund slashed its global growth forecast Monday on worries over the US-China trade war and weakness in emerging markets. Instead, U.S. equity markets have kept going up.

President Donald Trump blamed "crazy" USA interest rate rises this year for prompting steep stock market falls which have extended across the globe.

"The Fed is making a mistake", he told reporters on Wednesday as he arrived in Pennsylvania for a campaign rally. "They are so tight. The Fed is going loco and there's no reason for them to do it and I'm not happy about it".

US says China spy charged with trying to steal aviation secrets
It has broad powers to conduct espionage domestically and overseas , the statement said. We can not tolerate a nation stealing our firepower and the fruits of our brainpower.

Kanye West Visits White House for Meeting With President Donald Trump
President Trump is signing two bills at the White House Thursday in the Oval Office ahead of his meeting with rapper Kanye West . West also says that many people believe that if someone's black, then that person has to be a Democrat.

Booster rockets carrying Soyuz spacecraft fail mid-air force emergency landing
By early Thursday afternoon, Ovchinin and Hague were on helicopters, making their way back to Baikonur, NASA said. ET, triggering a ballistic re-entry of the capsule and subjecting the crew to higher than normal g-forces.

"So you could say that well, that's a lot of safety actually and it is a lot of safety and it gives you a lot of margin", he added.

During an event earlier Wednesday amid the sell-off, Trump and his top economic adviser, Larry Kudlow, said they believed the US economy was strong.

Trump's comment was followed by a bloodbath in Asian markets including India. Trump's comment had left investors anxious about the safety of their investment in markets.

Powell and Trump haven't personally discussed the matter, the Fed chair has said, but Trump's rhetoric has alarmed some Democrats and Republicans on Capitol Hill. That has rubbed off in Indian markets with both Sensex and Nifty registering big losses.

The attacks on the Fed are another example of Trump breaking with recent norms. Nifty fell below 10,200 mark losing 2.69 per cent in the opening trade.

Japan's Nikkei and the Hang Seng in Hong Kong were down by up to 4%.

But financially, the latest trend originated in Europe where an Italian budget has brought back the fears of eurozone crisis.

Investors lost an estimated Rs 4 lakh crore within five minutes of opening trade today.

This led to tension among European Union members, which was reflected in the European bourses. French markets and Germany markets lost over 2 per cent of its value while in the United Kingdom, the loss was 1.3 per cent.

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