Rate Cut Hopes High Ahead Of Jackson Hole
Dovish hints in the FOMC minutes supported market sentiment ahead of Fed Chair Jerome Powell’s speech at the Jackson Hole economic symposium on Friday. The downward revision in the U.S. jobs data on Wednesday that is seen increasing the headroom available to the Fed to ease rates also bolstered rate cut hopes as well as global market sentiment.
Wall Street Futures are trading in mildly positive territory. European benchmarks are trading with strong gains amidst strong PMI numbers. Asian stock indexes also finished trading on a mostly positive note.
Dollar Index rebounded from Wednesday’s lows. Bond yields mostly hardened. Crude oil prices are trading firmly above the flatline. Gold prices have slipped. Cryptocurrencies rallied.
Here is a snapshot of the major world markets at this hour.
Stock Indexes:
DJIA (US30) at 40,942.50, up 0.13%
S&P 500 (US500) at 5,626.20, up 0.10%
Germany’s DAX at 18,514.75, up 0.34%
U.K.’s FTSE 100 at 8,304.38, up 0.25%
France’s CAC 40 at 7,550.53, up 0.34%
Euro Stoxx 50 at 4,902.35, up 0.35%
Japan’s Nikkei 225 at 38,207.50, up 0.67%
Australia’s S&P ASX 200 at 8,027.00, up 0.21%
China’s Shanghai Composite at 2,848.77, down 0.27%
Hong Kong’s Hang Seng at 17,641.00, up 1.44%
Currencies:
EUR/USD at 1.1134, down 0.15%
GBP/USD at 1.3123, up 0.24%
USD/JPY at 145.81, up 0.38%
AUD/USD at 0.6737, down 0.07%
USD/CAD at 1.3579, down 0.11%
Dollar Index at 101.25, up 0.21%
Ten-Year Govt Bond Yields:
U.S. at 3.821%, up 1.17%
Germany at 2.2215%, up 0.93%
France at 2.929%, up 0.38%
U.K. at 3.9565%, up 1.63%
Japan at 0.877%, up 0.23%
Commodities:
Brent Oil Futures (Oct) at $76.22, up 0.22%.
Crude Oil WTI Futures (Oct) at $71.97, up 0.06%.
Gold Futures (Dec) at $2,543.55, down 0.16%.
Cryptocurrencies:
Bitcoin at $60,901.49, up 2.65%
Ethereum at $2,624.07, up 1.59%
BNB at $577.34, up 4.12%
Solana at $143.02, up 1.22%
XRP at $0.5995, up 0.72%.
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