Asian equities and U.S. stock futures slid after Federal Reserve Chairman Ben S. Bernanke said bond purchases may be reduced should the economy continue to improve. Crude oil sank a second day and metals from copper to gold retreated, while Malaysia’s ringgit tumbled.
Gold fell for a fourth day to the lowest level in a month as the U.S. Federal Reserve Chairman Ben S. Bernanke said asset purchases may be reduced later this year as the U.S. economy strengthens. Silver slid to a one-month low.
The fundamental law of capitalism is that if workers have no money, businesses have no customers. That’s why the extreme, and widening, wealth gap in our economy presents not just a moral challenge, but an economic one, too. In a capitalist system, rising inequality creates a death spiral of falling demand that ultimately takes everyone down.
Japanese and Australian equity futures followed U.S. stocks lower as the dollar surged after Federal Reserve Chairman Ben S. Bernanke said bond purchases may be reduced later this year should risks to the U.S. economy abate. Australia’s currency slumped while oil slid.
Emerging-market stocks slumped after Federal Reserve Chairman Ben S. Bernanke said the central bank may reduce the pace of economic stimulus later this year. Brazil’s Ibovespa and the real tumbled to four-year lows.
Julian Assange, founder and publisher of WikiLeaks, said his legal advisers have talked with lawyers for Edward Snowden to help arrange asylum in Iceland for the American contractor who leaked information on U.S. electronic surveillance methods to newspapers.