Global Markets Roundup: 11 July 2024

Global stocks rose on Thursday, with markets from Tokyo to New York ​reaching record highs as traders awaited U.S. data expected to show easing ​inflation, potentially paving the way for rate cuts in September. Bonds and ​the dollar remained steady, keeping the yen on the weak side at 161 per ​dollar, near its lowest levels in decades.

Heavyweight technology shares propelled the S&P 500 up 1% overnight to a ​sixth consecutive record high. In Asia, Japan's Nikkei NI225 index rose 1% to ​a record 42,426. MSCI's broadest index of Asia-Pacific shares outside Japan ​also gained 1%, reaching a two-year high. Taiwan stocks hit a record peak, ​and Australia's ASX 200 XJO was close to its all-time high. China stocks rose ​on Thursday but ongoing disappointing data and talk of tariffs in major export ​markets have hindered sustained rallies. China's GDP print is due on ​Monday. Hong Kong's Hang Seng index rose 1%, while on the mainland, the ​blue-chip CSI 300 climbed 0.4%, remaining close to Tuesday's four-and-a-​half-month low.

U.S. Federal Reserve Chair Jerome Powell told lawmakers that "more good ​data" would support the case for the U.S. central bank to cut interest rates. ​Futures pricing suggests about a 75% chance of a cut in September. ​Economists forecast annual U.S. CPI to have slowed to 3.1% in June from ​3.3% in May. The Bank of Korea maintained interest rates, with Governor ​Rhee Chang-yong indicating it was time to prepare for potential rate cuts. A ​shift in tone at the Reserve Bank of New Zealand led to a sharp re-pricing in ​rate-cut expectations, with the benchmark two-year swap rate diving 18 basis ​points and the currency sliding.

In currency markets, the euro EURUSD ticked higher to $1.0835. Sterling ​GBPUSD reached a one-month high of $1.2854 as the Bank of England's ​chief economist had sounded vaguer about the timing of rate cuts than ​traders had expected. China's yuan steadied at 7.2738 per dollar, barely ​stronger than an almost eight-month low made on Wednesday. The yen ​USDJPY hovered at 161.58 per dollar. Data showed Japan’s core machinery ​orders unexpectedly fell for a second month, challenging expectations for ​interest rate increases. The New Zealand dollar NZDUSD found support at its ​200-day moving average, trading at $0.6095. The Australian dollar AUDUSD ​rose 0.2% to a six-month high of $0.6763.

In commodities and agricultural commodities, oil prices edged higher on ​signals of strong U.S. gasoline demand. Brent futures BRN1! rose 35 cents, ​or 0.4%, to $85.43 a barrel. U.S. crude CL1! climbed 36 cents, or 0.5%, to ​$82.47 a barrel. GOLD inched 0.2% higher to $2,373 an ounce. CBOT corn ​ZC1! edged 0.55% higher to $4.09-1/2 a bushel. September arabica coffee ​KC2! lost 2.6% to $2.4355 per lb.

Looking ahead, markets anticipate, UK GDP, UK Industrial Production, ​German Inflation Rate, US CPI, US Inflation Rate, US Initial Jobless Claims.

You can view all markets data and charts here.

General news - Information source from multiple newswires.

The article and the data is for general information use only, not advice!

The Trade Academy Team

Rating: Mixed Outlook

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