:Global shares idled on Wednesday after a lengthy rebound propelled them towards recent record highs, and as investors awaited clues on interest-rate cuts from the Federal Reserve to decide their next move.
FILE PHOTO: Traders work on the floor at the New York Stock Exchange in New York City, U.S., July 3, 2024. REUTERS/Brendan McDermid/File Photo
Fed Chair Jerome Powell is expected to further cement the view that the central bank is about to start loosening credit conditions after taming the worst outbreak of inflation in 40 years when he speaks on Friday at the Fed's Jackson Hole conference in Wyoming. The MSCI All Country index for global stocks gained 0.27 per cent, standing near its mid-July record high and up 13.5 per cent for the year.
Those worries have given way to bets on a soft landing cushioned by cuts in U.S. borrowing costs expected to start in September. U.S. Treasury yields drifted lower. The yield on benchmark 10-year notes fell 3.4 basis points to 3.784 per cent, from 3.818 per cent late on Tuesday. The 2-year note yield, which typically moves in step with interest rate expectations, fell 7.2 basis points to 3.9284 per cent.
Japan's Nikkei fell 0.3 per cent as a recovery from its collapse in early August runs into resistance around the 38,000 level.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Wall Street wants more signs US consumers are still spendingConsumer spending is the biggest driver of US economic growth, making up two-thirds of it on average.
Read more »
Wall Street Journal reporter Gershkovich expected to be freed by Russia in multi-country prisoner swopThe journalist and US Marine Paul Whelan are en route to destinations outside Russia, reports say.
Read more »
Russia frees Wall Street Journal reporter Gershkovich in multi-country prisoner swopThe journalist and US Marine Paul Whelan are en route to destinations outside Russia, reports say.
Read more »
Gold hits record high ahead of Fed rate decisionLONDON: Gold prices hit a record high on Tuesday (Aug 20) as a weaker dollar and buying by Western investors extended the precious metal's rally.
Read more »
Asia stocks firm, dollar sags with US yields on Fed cut betsTOKYO : Asian stocks were firm on Thursday while the dollar remained on the back foot amid lower U.S. Treasury yields after benign consumer inflation data overnight reinforced bets for the Federal Reserve to start cutting interest rates next month.
Read more »
Bonds, S’pore equities tipped as investment options amid expectations of US rate cutAnalysts expect the US Fed to cut interest rates in September.
Read more »