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Archiv für den Monat: September 2024
Federal Reserve will opt for slow policy easing as there’s ’still work to do‘ on inflation, Fitch says
Fitch also gave some predictions on Asian central banks, such as the People’s Bank of China and the Bank of Japan
China’s plan to boost consumption by encouraging trade-ins has yet to show results
Several major cities and provinces have only in the last few weeks announced details on how the trade-in program would work for residents.
Stocks making the biggest moves after hours: Adobe, RH, Oracle and more
These are the stocks posting the largest moves in extended trading.
Here’s the deflation breakdown for August 2024 — in one chart
Consumer prices are falling in pockets of the U.S. economy, in categories such as cars, household furniture and certain groceries.
Adobe stock slips on soft fourth-quarter revenue guidance
Adobe reported third-quarter results on Thursday that beat Wall Street expectations for sales and earnings.
Oracle bumps up fiscal 2026 revenue forecast, lifting stock 6%
Oracle is projecting higher revenue and capital expenditures as its cloud-computing arm grows.
These 5 portfolio stocks crushed the volatile market since our August Monthly Meeting
Investor concerns around the AI boom, coupled with the market’s sensitivity to the Fed’s next policy move, have caused Wall Street to seesaw in recent weeks.
China August M2 money supply +6.3% vs +6.2% y/y expected
- Prior +6.3%
- New yuan loans ¥900 billion
- Prior ¥260 billion
China’s bank lending tumbled in July to its lowest in almost 15 years but it seen rebounding back a little in August, though estimates were expecting it to climb back up to around ¥1.0 trillion. Looking at the year-to-date figure, China’s new yuan loans is totaling up ¥14.43 trillion so far. Overall, I would argue that it still points to credit demand still being rather lackluster and the PBOC possibly has to do more as such to drive a resurgence in that area i.e. more rate cuts.
This article was written by Justin Low at www.forexlive.com.
ForexLive European FX news wrap: Yen firms as yields stay heavy
Headlines:
- USD/JPY stays pressured as lower yields weigh
- ECB’s Muller: Temporary acceleration in inflation is likely
- ECB’s Holzmann: There could be room for another rate cut in December
- ECB’s Villeroy: We should continue to reduce gradually and as appropriate
- ECB’s Rehn says will continue to base policy decisions on assessment of inflation outlook
- ECB’s Vasle: We are not committed to any predetermined rate path
- ECB’s Nagel: Core inflation is going in the right direction
- US reportedly finalises steep tariffs on China, with many to begin on 27 September
- China approves the plan to raise the retirement age for the first time since 1978
- Boeing US factory workers vote to go on strike, reject pay deal
- France August final CPI +1.8% vs +1.9% y/y prelim
- Eurozone July industrial production -0.3% vs -0.5% m/m expected
Markes:
- JPY leads, AUD lags on the day
- European equities higher; S&P 500 futures up 0.2%
- US 10-year yields down 3.4 bps to 3.645%
- Gold up 0.4% to $2,567.88
- WTI crude up 1.1% to $69.75
- Bitcoin up 0.1% to $58,225
There weren’t any major headlines on the session but there were some decent market moves to be had. In particular, bond yields are staying pressured and that is weighing on USD/JPY again.
10-year yields in the US fell as low as 3.62% and that pulled USD/JPY to a low of 140.36 during the session. Yields are now at 3.64% but still down by over 3 bps, helping to see USD/JPY nudge back a little to 140.70 – still down 0.8% on the day though.
All of this comes after the action from yesterday, as traders step up bets for a 50 bps rate cut by the Fed for next week. In part, that can be attributed to Fed watcher Tsimiraos tossing said idea into the mix.
Looking at the dollar, it is holding more mixed on the session as it trades lower against the Swiss franc and euro but higher against the aussie and kiwi.
ECB policymakers did come out in droves to speak their views after the decision yesterday, but all were mainly echoing what Lagarde already mentioned.
In other markets, equities continue to put on a more positive front with US futures also sitting a little higher again on the day. As for gold, the run higher continues with the precious metal keeping with the technical breakout to fresh record highs yesterday. It is now trading up by another 0.4% to $2,567.
This article was written by Justin Low at www.forexlive.com.