Local radio station Fly FM to play Macklemore’s ‘Hind’s Hall’ for 24 hours today in solidarity with PalestineNew York’s broad-based S&P 500 and tech-heavy Nasdaq both hit fresh highs, while chip designer Nvidia topped US$3 trillion in market capitalisation. — Reuters picNEW YORK, June 6 — US and European stock markets climbed Wednesday on the eve of an expected European Central Bank interest rate cut, and as US jobs data fuelled hopes that the Federal Reserve will soon follow suit.
“You have kind of the best of both worlds for the stock market in that you have lower interest rates and strength in the mega cap stocks, specifically, Nvidia,” said Patrick O’Hare of Briefing.com.US economic data also showed that private sector hiring cooled more than expected in May, with employers adding 152,000 jobs, according to payroll firm ADP.
The ADP figures came ahead of closely watched US government employment data due Friday, which will provide a clearer snapshot for the Fed ahead of its policy decision next week. While the Fed has yet to ease its monetary policy, the Canadian central bank decided Wednesday to slash its own rate to 4.75 per cent.In European markets, London, Paris and Frankfurt closed higher, with the ECB forecast to start cutting eurozone borrowing costs from historic highs on Thursday.
Asian indices closed lower as optimism of a Fed rate cut was eclipsed by resurfacing fears over the health of the US economy.
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