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Markets Update: 📈 Asian markets grew on weaker U.S. producer prices, while New Zealand dollar fell after central bank cut rates. European stock futures were positive, and Japanese PM's resignation caused yen fluctuations. U.S. bonds had strong demand, and the dollar weakened. Crude oil prices rebounded amid Iran attack concerns. #MarketUpdate 🌏💰
Economic Calendar
Global Markets Roundup: 14 August 2024
Asian markets experienced growth on Wednesday, driven by weaker U.S. producer prices data that led to expectations of controlled consumer price inflation. In contrast, the New Zealand dollar depreciated as the country's central bank reduced interest rates for the first time since early 2020.
In Europe, stock futures pointed towards a positive opening following lower-than-expected British inflation figures for July. EUROSTOXX 50 futures and FTSE futures showed gains of 0.5% and 0.6%, respectively, while U.S. equity futures remained stable.
News emerged from Asia regarding the upcoming resignation of Japanese Prime Minister Fumio Kishida as ruling party leader in September, concluding a term marked by inflationary pressures and political controversies. Following Kishida's announcement, the Japanese yen and the Nikkei experienced fluctuations, with the USDJPY down by 0.2% and the NI225 rising by 0.6% to recover from the previous week's significant sell-off.
The New Zealand dollar, NZDUSD, saw a 1.1% decrease after the Reserve Bank of New Zealand cut interest rates by 25 basis points to 5.25% and hinted at further easing measures ahead of schedule. ANZ's chief economist, Sharon Zollner, commented, "The RBNZ faced a challenging decision today – turning points are always tricky. However, the Committee was confident in the inflation outlook to initiate monetary easing." MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose by 0.4%, with most markets showing gains except for China, where both the Hang Seng (HSI) and mainland blue chips (3399300) declined by 0.5%. Wall Street rebounded strongly after reports indicated that U.S. producer prices rose less than expected in July, suggesting a continued moderation in inflation.
Goldman Sachs adjusted their core Personal Consumption Expenditures (PCE) price index forecast to a 0.14% increase in July, down from the previous estimate of 0.17%.
Investors awaited crucial consumer price data for July, anticipating a 0.2% increase in both headline and core figures, while the annual core rate was expected to slightly decrease to 3.2%.
U.S. bonds experienced strong demand, with two-year yields (US2YT=RR) at 3.9392%, down by seven basis points in the offshore session. Ten-year Treasury yields (US10Y) remained at 3.8465% after a 5 bps decline overnight.
The U.S. dollar weakened due to falling bond yields, rising by 0.1% to 102.70 against major currencies, following a 0.5% decrease overnight. The euro (EURUSD) surged by 0.6% overnight to $1.0988, approaching a key resistance level of $1.1.
In the commodities market, crude oil prices rebounded from previous losses as U.S. crude and gasoline inventories decreased, amid concerns of a potential Iran attack on Israel. Brent crude futures (BRN1!) rose by 0.7% to $81.23 per barrel, while U.S. West Texas Intermediate crude (CL1!) also increased by 0.7% to $78.93. Gold prices increased by 0.1% to $2,461.72 per ounce.
General news - Information source from multiple newswires.
The article and the data is for general information use only, not advice!
The Trade Academy Team
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