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TEHRAN, July 18 -The world’s major stock markets were mostly firmer on Wednesday as a bullish outlook from the head of the U.S. central bank buoyed the dollar, lifted bond yields and sent safe-haven gold to a one-year trough.
TEHRAN, Young Journalists Club (YJC) - The world’s major stock markets were mostly firmer on Wednesday as a bullish outlook from the head of the U.S. central bank buoyed the dollar, lifted bond yields and sent safe-haven gold to a one-year trough.
Wall Street’s jump back above the 2,600 points mark overnight [.N] was also keeping Europe’s spirits up as Europe reached mid-morning.
London’s FTSE made 0.5 percent as the pound continued to suffer the Brexit blues, while Germany’s Dax climbed to a one-month high on hopes the European Union and United States could cut a deal on car tariffs.
In Asia, Japan’s Nikkei had also hit a one-month top as a weakening yen promised to fatten exporters’ profits.
MSCI’s broadest index of Asia-Pacific shares outside Japan added as much as 0.1 percent and Australia 0.6 percent. Shanghai blue chips started firm only to flag as China’s yuan lost ground to the advancing dollar.
Federal Reserve Chairman Jerome Powell stuck with an upbeat assessment on the U.S. economy while downplaying the impact of global trade risks on the outlook for rate rises.
“It basically means another rate hike in September and most likely another one after that in December,” said Rabobank market economist Stefan Koopman.
“He couldn’t stay away obviously from the potential threats of protectionism, but he is still waiting to see how everything pans out so he wasn’t really concerned about it - and that is giving the market another boost.”
BofA Merrill Lynch’s latest fund manager survey showed a trade war remained the biggest threat cited by no less than 60 percent of respondents.
Source:Reuters
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