We have different moods on different continents this week. The European equities remained under the pressure of heating French political tensions on Tuesday, as the Republican President Ciotto suggested that his party should consider teaming up with Le Pen’s party – a limit that many Republicans still consider as being a thick red line that should never be breached. Some ask Ciotti to resign.
Then, the Fed will announce that it’s not changing its rates today but will release the latest dot plot where the Fed members will plot how many rate cuts they think they could announce in the future. I am confident that the number of median rate cuts projected by the Fed members will be less than three that was plotted back in March. But whether it will be one or two is yet to be seen.
While the US yields are giving back the post-jobs advance, and the softer yields echo well across the major indices, theWhile the election uncertainty in France doesn’t do much good to the euro, the pound sterling looks much less battered by the idea that the Conservatives will likely say Good Bye to their majority next month. In fact, a recent survey from Bloomberg hinted that a Labour win would be better for both the pound, gilts and stocks – which is unusual.
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