Traders may end up disappointed with today’s FOMC minutes – strategists
Wall Street strategists express caution, noting that despite market optimism, immediate rate cuts are not likely. The optimism hinges on the idea of a US “soft landing” leading to a “new growth era,” drawing parallels with the 1994-1995 period, Macquarie strategists said in a note today. However, Macquarie is wary of overstating this…
Oil prices steady after weak start to 2024; rate cuts, Red Sea in focus
Oil prices steadied in Asian trade on Wednesday after logging steep losses in the prior session as the dollar rebounded on some doubts over early interest rate cuts by the Federal Reserve, while focus remained on the conflict in the Red Sea. Crude prices marked a dismal start to the new year, sinking…
Dollar starts 2024 steady, focus switches to data
The dollar was steady on the first trading day of the year as traders weighed the prospect of steep interest rate cuts from the Federal Reserve in 2024 and looked to economic data this week for clues on the central bank’s next moves. The dollar index, which measures the U.S. currency against six…
S&P 500 ekes out meager gains, flirts with bull market confirmation
The S&P 500 closed nominally higher on Thursday, retracing early gains just before the closing bell on the penultimate trading day of 2023. The benchmark index concluded the light volume session just 0.3% shy of its record closing high, reached on Jan. 3, 2022. The blue-chip Dow ended modestly green, notching its second…
Dow futures steady, S&P 500 nears record highs
US stock futures were trading higher during Wednesday night’s deals as major benchmark averages closed slightly higher overnight, with the S&P 500 index inching closer to fresh all-time highs. By 6:10 pm ET (11:10 pm GMT) Dow Jones Futures, S&P 500 Futures, Nasdaq 100 Futures were trading within a range of 0.1%. This…
Some in BOJ called for more debate on future easy policy exit -meeting summary
Some Bank of Japan policymakers called for deeper debate on a future exit from ultra-loose monetary policy as the economy makes progress toward achieving the bank’s price target, a summary of opinions at this month’s meeting showed on Wednesday. While the board agreed to maintain massive stimulus for the time being, the nine…
Japan CPI inflation eases as expected in Nov; early BOJ pivot in question
Japan’s core consumer price index inflation eased as expected in November amid softening food prices, with the reading casting more doubts over when the Bank of Japan could potentially begin tightening its ultra-loose policy. Core CPI inflation, which excludes volatile fresh food prices, rose 2.5% year-on-year, data from the Statistics Bureau showed on…
Oil prices sink on Israel-Hamas ceasefire talks, US inventory build
Oil prices fell in Asian trade on Thursday as momentum in a recent rally was culled by data showing an unexpected build in U.S. inventories, while talks over a potential ceasefire in the Israel-Hamas war dented bets on more supply disruptions. Media reports showed Hamas leader Ismail Haniyeh in Egypt for potential peace…
China keeps loan prime rate steady at record lows
The People’s Bank of China kept its benchmark loan prime rate unchanged at record lows on Wednesday, with monetary conditions set to remain loose for longer as China struggles with slowing economic growth. The PBOC left its one-year LPR at 3.45%, while the five-year LPR, which is used to determine mortgage rates, was…
Oil prices inch higher after Red Sea attacks trigger sharp gains
Oil prices rose slightly in Asian trade on Tuesday after rebounding sharply from near six-month lows, as traders sought to gauge just how disruptive an ongoing conflict in the Red Sea will be for supplies. Missile and drone attacks on several vessels in the region- which were attributed to the Yemeni Houthi group-…
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