![]() That knocked euro from 17-month highs and its gains stopped sliding dollar in its tracks. Treasuries fell slightly and were steady at 3.7794% on Wednesday. Two-year German bund yields fell almost 8 basis points to 3.177%. “That the language stemmed from an often-hawkish voice certainly turned heads and drove European sovereign debt markets stronger and lower in yield,” said Brian Daingerfield, head of G10 currency research at NatWest Markets in New York. Soft Chinese growth data on Monday and the lack of any urgent policy response kept the mood dreary in Hong Kong, where consumer focussed stocks led losses.Ī rally in Europe led global bond markets after ECB governing council member Klaas Knot said hikes beyond next week’s meeting were “by no means a certainty.” Microsoft shares rose 4% – adding $100 billion in market value – after announcing charges for artificial intelligence features in its office software. ![]() Morgan Stanley, Bank of America and Bank of New York Mellon shares rose sharply on strong results and an upbeat outlook overnight. The Atlanta Fed’s influential GDP Now tracker has the U.S economy growing an annualised 2.4% in the second quarter, slightly higher than it’s prediction of 2.3% a week earlier. “Core inflation is coming down and there’s momentum from the consumer.” “You can sense the probability of a soft landing,” said Tapas Strickland, head of market economics at National Australia Bank in Sydney. retail sales data came in below forecasts, but core sales which exclude food, fuel and building materials, rose a solid 0.6% in June and had economists lifting GDP forecasts. Overnight the S&P 500 rose 0.7% to hit a three-month high, with results propelling bank shares. Japan’s Nikkei rose more than 1% to touch a two-week peak.
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