The dollar fell for a fifth day and Treasuries rallied, as expectations grow that the Federal Reserve is done with policy tightening and may start cutting interest rates next year. A gauge of the US currency is near a four-month low, with the dollar weakening against all its Group-of-10 peers and most emerging-market counterparts in Asia. The kiwi rallied after New Zealand’s central bank signaled an increased risk for it to hike again next year. The Bloomberg Global Aggregate bond index is up 4.9% in November and on course for its best month since December 2008, after recent data indicated slowing inflation and weaker economic activity. Also driving the greenback’s declines is Fed officials’ latest dovish rhetoric and billionaire investor Bill Ackman’s comment that the US central bank could begin cutting rates sooner than predicted. The MSCI All Country World Index of stocks has gained 8.8% so far this month, its most since November 2020. Stocks in Asia were mixed, with Australia a bright spot after cooling inflation bolstered the case for the local central bank to resume pausing interest rates next week. Hong Kong shares slid to the lowest in about a month, weighed by losses in some tech firms following a growth warning by Chinese food-delivery giant Meituan. US stock futures edged higher while contracts for European peers were steady. The kiwi dollar rallied about 1% against the greenback after the Reserve Bank of New Zealand’s new policy rate forecasts show a slightly higher track 2024, implying a chance of an increase, and no reduction until mid-2025. The central bank kept interest rates unchanged for a fourth straight meeting Wednesday. Emerging Asian currencies also jumped, led by the Thai baht and Taiwanese dollar. Japanese yen rose to the strongest level in more than two months, partly due to month-end corporate demand. Fed swaps are anticipating over 100 basis points of rate cuts by the end of 2024 after Governor Christopher Waller said the bank is well positioned to push inflation to a 2% target.
Two-year Treasury yields dropped another three basis points to 4.70% after shedding 15 basis points Tuesday while a Bloomberg gauge of the dollar is on track for its worst month in a year, as fears of a recession and dovish Fed commentary spurred investors to wager the central bank will have to reverse its most aggressive tightening cycle since the 1980s. oil held its biggest gain in a week as traders awaited a high-stakes OPEC+ meeting on supply. Gold extended gains to its highest level since May, also buoyed by hopes of a Fed policy shift. US After Hours NTAP +11%, WDAY +6.7% higher on earnings; JBL -9.5% falls on lowered guidance, brings down some EMS peers; LVS -4.1% commences $2 bln offering by Adelsons.
Nikkei -0.26% Hang Seng -2.31% CSI -0.81% Shanghai -0.50% Shenzen -0.70%
Eur$ 1.10 CNH 7.1248 CNY 7.1233 JPY 147.14 GBP 1.2711 CHF 0.8768 RUB 88.9005 TRY 28.9180 WTI$ 76.55 Gold 2,045 BTC 38,009 ETH 2,054
S&P +0.16% Nasdaq +0.15% EuroStoxx +0.02% FTSE -0.20% Dax +0.11% SMI -0.08%
Macro :
- Small Nuclear Reactors Are Viable Even After NuScale, IAEA Says
- EU Pitches Three Options to Deal With Post-Brexit EV Tariffs
- EU Pitches Three Options to Deal With Post-Brexit EV Tariffs
- Fed’s Waller, Bowman Open Door to Another Pause in December
- BILL ACKMAN BETS FED WILL CUT RATES AS SOON AS FIRST QUARTER
- Earnings Growth vs. Disinflation Is Key, Fair Value Model Shows
- JPMorgan’s Matejka Sees Risky Assets Challenged in Early 2024
Keep an eye on :
Keep an eye on :
- ADS GY : Foot Locker Margins May Slip on Nike, Discounts: Preview
- AIR FP : Boeing Gets $2.3b Order for Added US Air Force KC-46A Tankers
- AKZA NA : Akzo Nobel, Kansai Agree Not to Proceed With Africa Transaction
- ARAMI FP : Aramis FY Adjusted Revenue Beats Estimates
- AT1 GY : Aroundtown Maintains FY FFO I Forecast
- AFX GY : Carl Zeiss increases sales to more than ten billion euros - Handelsblatt:
- CA FP : Market Chatter: Carrefour to Reportedly Bid for Casino Group Stores
- C US : Kingdom Holding Buys $450M Stake in Citi From Prince Alwaleed
- ATD CN : Couche-Tard 2Q Adjusted EPS Beats Estimates
- DIS US : Disney's Bob Iger Plays Down Asset Sales, Vows to Build Modern Version of Company-WSJ
- DPEU LN : DP Eurasia Says Board is Considering Jubilant FoodWorks’ Offer
- EDF FP : EDF’s CEO Wants to Build One Nuclear Reactor a Year From 2030s
- FAST NA : Energy From Fast EV Chargers Jumps Threefold in Norway: BNEF
- FTCH US : Farfetch Jumps 23% on Report Founder in Talks to Take It Private, Won’t Report 3Q Results Amid Report of Deal Talks
- FER SM : Ferrovial Sells $3 Billion Heathrow Stake to Ardian, Saudi Fund
- FM CN : *PANAMA TO SHUT DOWN FIRST QUANTUM MINE AFTER RULING: PRESIDENT
- GVOLT PL : Greenvolt 9M Net Income EU5.9M Vs. EU16.8M Y/y
- GRF SM : Grifols in Talks to Sell Part of RAAS Stake to China Merchants
- ITX SM : New Primark, Zara, JD Sports Stores Have Role in Growth Strategy
- KINDSDB SS : Kindred to Exit North America as 3Q Profit Misses Estimates
- KME IM : KME Completes Renewal of Bank Facility for up to €460m Total
- KNIN SW : Kuehne+Nagel Following Road Map With Customs Acquisition: React
- KNIN SW : Kuehne+Nagel Following Road Map With Customs Acquisition: React
- LVS US : Adelson Family to Buy Sports Team With $2 Billion Share Sale, Offering by Holder Prices at $44/Share
- NHY NO : Hydro to Step Up Growth in Aluminum Recycling, Extrusions
- PGHN SW : Buyout Billionaire Sees Rising China Risk, Sanctions Over Taiwan
- PHIA NA : Philips Drops as FDA Says DreamStation 2 Has Safety Issue
- P911 GY : Porsche 911, BEVs Help Ferrari, Tesla Parallel, Yet China a Risk
- PRX NA : Prosus Sees Consolidated E-Commerce Profitable in 2H24; Saw 1H25
- CFR SW : Richemont Says It Has No Plan Lending or Investing Into Farfetch
- RR/ LN : Small Nuclear Reactors Are Viable Even After NuScale, IAEA Says
- SPM IM : Saipem Gets Two Offshore Contracts Worth Approx. $1.9b
- TRI FP : Trigano FY Current Operating Income Beats Estimates
- UBER US : Uber Strikes Deal With London Drivers to Put Black Cabs on App
- VATT SS : Vattenfall May Resubmit UK Wind Farm in Future Auction