Stocks mixed after selloff as Fed, Middle East dampen sentiment
==========
Asian markets were mixed Wednesday as Federal Reserve boss Jerome Powell’s indication that interest rates could stay higher for longer offset a rebound following the latest bout of Middle East-fuelled selling. Traders are nervously awaiting Israel’s next move after Iran’s missile and drone attack at the weekend. The lack of an immediate response has seen them focus on the US central bank’s monetary policy plans. A string of hotter-than-expected data on inflation and jobs in the first three months has forced investors to whittle down their bets on how many interest rate cuts the Fed will make this year. Powell all but confirmed that borrowing costs will likely have to remain elevated longer than previously hoped. Observers are now predicting just one or two interest rate cuts at best, starting in July or September. The S&P 500 and Nasdaq both fell in New York, though the Dow eked out a gain. Asian markets were mixed, with Tokyo, Sydney, Seoul, Jakarta, and Bangkok down but Shanghai, Singapore, Wellington, Taipei, and Manila rising. London edged up in the morning. The dollar’s recent rally stalled despite Powell’s comments, though it remains elevated against its peers. South Korea said its finance minister had met his Japanese counterpart to discuss the recent weakness of their currencies, agreeing to take “appropriate actions” to counter extreme volatility. Traders are keeping an eye on developments in the Middle East after Israel’s army chief General Herzi Halevi warned that there would be a response to Iran’s barrage on Saturday, fuelling worries of a region-wide conflict. Oil prices edged down despite the crises in the Middle East, Ukraine, and OPEC output cuts. Tokyo’s Nikkei 225 was down 1.3 percent, Hong Kong’s Hang Seng Index was flat, and Shanghai’s Composite was up 2.1 percent. London’s FTSE 100 was up 0.1 percent. The dollar was down against the yen, up against the euro, and up against the pound. West Texas Intermediate was down 0.5 percent, and Brent North Sea Crude was down 0.4 percent.
#StockMarket #FederalReserve #InterestRates #Inflation #MiddleEast #Iran #Israel #MonetaryPolicy #Currencies #OilPrices
https://www.macaubusiness.com/stocks-mixed-after-selloff-as-fed-middle-east-dampen-sentiment/
Macau Business /
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2024-04-17 18:04:31
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2024-04-17 18:04:31Event JSON
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"content": "Stocks mixed after selloff as Fed, Middle East dampen sentiment\n==========\n\nAsian markets were mixed Wednesday as Federal Reserve boss Jerome Powell’s indication that interest rates could stay higher for longer offset a rebound following the latest bout of Middle East-fuelled selling. Traders are nervously awaiting Israel’s next move after Iran’s missile and drone attack at the weekend. The lack of an immediate response has seen them focus on the US central bank’s monetary policy plans. A string of hotter-than-expected data on inflation and jobs in the first three months has forced investors to whittle down their bets on how many interest rate cuts the Fed will make this year. Powell all but confirmed that borrowing costs will likely have to remain elevated longer than previously hoped. Observers are now predicting just one or two interest rate cuts at best, starting in July or September. The S\u0026P 500 and Nasdaq both fell in New York, though the Dow eked out a gain. Asian markets were mixed, with Tokyo, Sydney, Seoul, Jakarta, and Bangkok down but Shanghai, Singapore, Wellington, Taipei, and Manila rising. London edged up in the morning. The dollar’s recent rally stalled despite Powell’s comments, though it remains elevated against its peers. South Korea said its finance minister had met his Japanese counterpart to discuss the recent weakness of their currencies, agreeing to take “appropriate actions” to counter extreme volatility. Traders are keeping an eye on developments in the Middle East after Israel’s army chief General Herzi Halevi warned that there would be a response to Iran’s barrage on Saturday, fuelling worries of a region-wide conflict. Oil prices edged down despite the crises in the Middle East, Ukraine, and OPEC output cuts. Tokyo’s Nikkei 225 was down 1.3 percent, Hong Kong’s Hang Seng Index was flat, and Shanghai’s Composite was up 2.1 percent. London’s FTSE 100 was up 0.1 percent. The dollar was down against the yen, up against the euro, and up against the pound. West Texas Intermediate was down 0.5 percent, and Brent North Sea Crude was down 0.4 percent.\n\n#StockMarket #FederalReserve #InterestRates #Inflation #MiddleEast #Iran #Israel #MonetaryPolicy #Currencies #OilPrices\n\nhttps://www.macaubusiness.com/stocks-mixed-after-selloff-as-fed-middle-east-dampen-sentiment/",
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