BOSTON, Jan 5 — US stocks were flat or down and Treasury yields largely unchanged this morning following earlier gains to start the new year and ahead of key Federal Reserve meeting minutes to be released later in the day.
“It’s all about the degree to which the evidence in the minutes suggests that the majority of the committee is looking for a faster-than-expected pace of balance-sheet reduction,” said Peter Chatwell, head of multi-asset strategy at Mizuho. Citing an optimistic corporate earnings forecast, market analysts at Citi raised their 2022 S&P 500 index price target to 5,100, a 7 per cent gain from year-end 2021.
“It’s still very much start-of-the-year mode,” said Chatwell of Mizuho. “Risk appetite is, as is seasonally the case, strong at this point, and the consensus view is that there is good upside still in equity markets.” The US dollar index was down around 0.4 per cent on the day, having edged down below recent two-week highs.
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