Altrice Investment Co. Limited – Asia Markets Wary Ahead of 2 Day Federal Reserve Meeting

Asian shares inched ahead on Wednesday while higher Treasury yields lifted the dollar as markets wondered if the world's most powerful central banker would confirm or confound expectations for U.S. policy easing this month.
 
 
Jerome Powell Testifies Before Congress Later Today
Jerome Powell Testifies Before Congress Later Today
 
Spread the Word
Listed Under

Tag:
* Altrice Investment Co Limited

Industry:
* Investment

Location:
* Central - Hong Kong Island - Hong Kong

CENTRAL, Hong Kong - July 9, 2019 - PRLog -- MSCI's broadest index of Asia-Pacific shares outside Japan advanced 0.2%, after three sessions of losses.

South Korea climbed 0.6%, but Japan's Nikkei lagged with a loss of 0.15%. E-Mini futures for the S&P 500 ESc1 added a slim 0.08%.

Federal Reserve Chair Jerome Powell testifies before the U.S. Congress on Wednesday and Thursday and investors have a lot riding on him sounding suitably dovish.

Futures are still fully priced for a 25-basis-point cut at the Fed's July 30-31 meeting, but have abandoned wagers on a half-point move. They had implied a 25% probability of an aggressive cut before Friday's upbeat jobs report.

"The Fed's consideration of rate cuts is not only about growth but also about inflation, which remains well below target, and inflation expectations, which were breaking to the downside before the Fed signaled the likelihood of cuts." Said Lead Analyst, Benjamin Dulley of Altrice Investment Co. Limited.

Overnight, Atlanta Fed bank president Raphael Bostic let nothing out of the bag by saying the central bank was debating the risks and benefits of letting the U.S. economy run "a little hotter."

Lurking in the background, U.S. and Chinese trade officials held "constructive" talks on trade by phone on Tuesday, White House economic adviser Larry Kudlow said.

Wall Street had been dully circumspect, with the Dow ending Tuesday down 0.08%, while the S&P 500 added 0.12% and the Nasdaq 0.54%.

MORE YIELD

The cooling in U.S. rate fever has seen bonds give back just a little of their huge rally, with yields on two-year Treasuries US2YT=TWEB rising to 1.909% from the recent trough of 1.696%.

That in turn has helped the dollar bounce on a basket of currencies to 97.537 from a June low of 95.843.

The dollar also firmed to 108.96 yen, while the euro faded to $1.1204 having been as high as $1.1412 just a couple of weeks ago.

The Mexican peso was nursing a few bruises after sliding on Tuesday when the country's moderate Finance Minister Carlos Urzua suddenly resigned, citing "extremism" in economic policy.

The Canadian dollar was on the defensive ahead of a rate meeting by the Bank of Canada in case policy makers tried to slow the currency's recent rally.

The dollar's gains took the shine off gold, which eased 0.3% to $1,393.14 per ounce.

Oil prices were supported by Middle East tensions and OPEC supply cuts.

Brent crude LCOc1 futures rose 67 cents to $64.83, while U.S. crude CLc1 gained 83 cents to $58.66 a barrel.

"Our ambitions keep us ahead of our competitors, and our research, service and results keep our clients in a position of financial security."

To receive more information on opportunities within the US markets or the IPO's of 2019, or to find out more about our services and products, contact us at info@altriceinvestment.com or visit our website – http://www.altriceinvestment.com for further details.

Contact
Altrice Investment Co. Limited
William Uy
***@altriceinvestment.com
End
Email:***@altriceinvestment.com Email Verified
Tags:Altrice Investment Co Limited
Industry:Investment
Location:Central - Hong Kong Island - Hong Kong
Account Email Address Verified     Account Phone Number Verified     Disclaimer     Report Abuse
Altrice Investment Co. Limited News
Trending
Most Viewed
Daily News



Like PRLog?
9K2K1K
Click to Share