Asia markets rise as Fed's Powell hints at rate cut ahead – CNBC

Asia-Pacific Market Indexes Chart

Overnight stateside, the S&P 500 breached the 3,000 level for the first time, but pared gains to close 0.5% higher at 2,993.07. The Dow Jones Industrial Average climbed 76.71 points to finish its trading day on Wall Street at 26,860.20, while the Nasdaq Composite saw a record close at 8,202.53.

In testimony to the House Financial Services Committee, Fed Chair Powell said business investments across the U.S. have slowed “notably” recently as uncertainties over the economic outlook linger.

“Many FOMC participants saw that the case for a somewhat more accommodative monetary policy had strengthened,” Powell said in prepared remarks. “Since then, based on incoming data and other developments, it appears that uncertainties around trade tensions and concerns about the strength of the global economy continue to weigh on the U.S. economic outlook.”

“Anyone fearful that Fed chair Jay Powell might be about to cast aspersions on the likelihood of the FOMC agreeing to cut rates when it next meets on July 30th and 31st needn’t have worried, ” Ray Attrill, head of foreign exchange strategy at National Australia Bank, wrote in a morning note.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 97.056 after slipping from levels above 97.5 yesterday.

The Japanese yen traded at 108.25 against the dollar after strengthening from levels above 108.5 in the previous session, while the Australian dollar was at $0.6962 after bouncing from levels below $0.695 yesterday.

Oil prices were mixed in the morning of Asian trading hours, with the international benchmark Brent crude futures contract fractionally lower at $66.98 per barrel, while U.S. crude futures added 0.26% to $60.59 per barrel.

Here’s a look at the data set to be released in the trading day ahead:

  • South Korean household loans
  • Australia’s home loans
  • China vehicle sales for June
  • OPEC monthly report

— CNBC’s Fred Imbert contributed to this report.

Let’s block ads! (Why?)

Source link

Related posts

Mark Zuckerberg outlines a 'privacy-focused' revamp of Facebook – Engadget


How One Family Built $8 Billion Startup Far From Silicon Valley


Asian markets slip on global growth worries – MarketWatch


Leave a Comment

one × five =