Markets Focus On Likely Fed Rate Cut Size

Speculation about the likely size of the keenly anticipated Fed rate cut dominated sentiment across markets. The CME Group’s closely monitored FedWatch Tool that tracks the expectations of interest rate traders now places a 55 percent chance of a quarter-point easing and 45 percent probability on a half-point cut.

Wall Street Futures have edged up. European benchmarks are trading on a positive note after the widely anticipated interest rate cut by the European Central Bank. Asian stock indexes however finished trading on a mixed note.

Dollar Index declined with the rate cut euphoria. Bond yields are moving in a mixed fashion. Crude oil prices gained amidst a larger-than-expected disruption in the Gulf of Mexico due to Hurricane Francine. Gold touched a fresh record amidst renewed rate cut expectations. Cryptocurrencies are subdued around the flatline.

Here is a snapshot of the major world markets at this hour.

Stock Indexes:

DJIA (US30) at 41,180.50, up 0.20%
S&P 500 (US500) at 5,609.90, up 0.25%
Germany’s DAX at 18,608.15, up 0.54%
U.K.’s FTSE 100 at 8,251.53, up 0.13%
France’s CAC 40 at 7,451.81, up 0.23%
Euro Stoxx 50 at 4,828.85, up 0.31%
Japan’s Nikkei 225 at 36,568.00, down 0.78%
Australia’s S&P ASX 200 at 8,099.90, up 0.30%
China’s Shanghai Composite at 2,704.09, down 0.48%
Hong Kong’s Hang Seng at 17,369.09, up 0.75%

Currencies:

EUR/USD at 1.1096, up 0.19%
GBP/USD at 1.3139, up 0.13%
USD/JPY at 140.53, down 0.89%
AUD/USD at 0.6719, down 0.04%
USD/CAD at 1.3572, down 0.06%
Dollar Index at 100.91, down 0.45%

Ten-Year Govt Bond Yields:

U.S. at 3.647%, down 0.80%
Germany at 2.1370%, down 0.97%
France at 2.841%, down 0.59%
U.K. at 3.8025%, up 0.49%
Japan at 0.849%, up 0.95%

Commodities:

Brent Oil Futures (Nov) at $72.67, up 0.97%.
Crude Oil WTI Futures (Oct) at $69.81, up 1.22%.
Gold Futures (Dec) at $2,599.20, up 0.72%.

Cryptocurrencies:

Bitcoin at $58,105.37, up 0.05%
Ethereum at $2,353.05, down 0.11%
BNB at $542.00, down 0.46%
Solana at $134.00, down 0.52%
XRP at $0.565, up 4.88%.