Jubilation In Markets Amidst Fed's Policy Pivot
Markets cheered the Fed signaling an end to rate hikes and hinting at lower interest rates by the end of 2024. The Fed also left interest rates unchanged on Wednesday. Meanwhile, markets expect the Bank of England as well as the European Central Bank also to keep rates steady in the decision to be announced shortly.
Wall Street Futures portend further gains after a strong closing on Wednesday. European benchmarks are also trading higher. Asian stocks however finished trading on a mixed note.
The Fed’s dovish tilt dragged the Dollar and the Dollar Index. Bond yields eased across regions. A decline in inventories in the U.S. as well as the greenback’s weakness contributed to a surge in crude oil prices. The prospect of a fall in interest rates buoyed sentiment for gold as well as cryptocurrencies.
Here is a glimpse of the major world markets at this hour.
Stock Indexes:
DJIA (US30) at 37,202.50, up 0.30%
S&P 500 (US500) at 4,721.30, up 0.30%
Germany’s DAX at 16,884.45, up 0.71%
U.K.’s FTSE 100 at 7,708.93, up 2.13%
France’s CAC 40 at 7,631.42, up 1.33%
Euro Stoxx 50 at 4,574.75, up 0.98%
Japan’s Nikkei 225 at 32,686.25, down 0.80%
Australia’s S&P ASX 200 at 7,377.90, up 1.65%
China’s Shanghai Composite at 2,958.99, down 0.33%
Hong Kong’s Hang Seng at 16,367.00, up 0.74%
Currencies:
EUR/USD at 1.0920, up 0.43%
GBP/USD at 1.2666, up 0.38%
USD/JPY at 141.49, down 0.97%
AUD/USD at 0.6712, up 0.81%
USD/CAD at 1.3454, down 0.47%
Dollar Index at 102.49, down 0.37%
Ten-Year Govt Bond Yields:
U.S. at 3.952%, down 2.08%
Germany at 2.0655%, down 4.77%
France at 2.594%, down 6.62%
U.K. at 3.7340%, down 2.56%
Japan at 0.659%, down 2.51%
Commodities:
Brent Oil Futures (Feb) at $75.59, up 1.79%.
Crude Oil WTI Futures (Jan) at $70.66, up 1.71%.
Gold Futures (Feb) at $2,049.90, up 2.63%.
Cryptocurrencies:
Bitcoin at $42,873.12, up 4.25%
Ethereum at $2,281.96, up 5.10%
BNB at $252.58, up 0.98%
XRP at $0.6309, up 4.43%
Solana (SOL) at $72.41, up 10.17%.
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