Expectations firmed for one final US rate hike this week after the sale of First Republic Bank’s assets to JPMorgan Chase.
JPMorgan shares rose 2.1%. The S&P 500 closed flat and ANZ analysts said markets’ relief was evident. Hundreds of thousands of Chinese visitors hit Macau’s casinos last weekend for the Labour Day holiday, and overnight MGM Resorts International reported better-than-expected revenues and called out strong volumes in Las Vegas and Macau.
The yen fell through its 200-day moving average on Tuesday and hit an almost two-month low on the dollar early on Wednesday before steadying at 137.40. Interest-rate futures trade implies a 95% chance of a 25 bp hike from the Federal Reserve on Wednesday, but markets are also pricing rate cuts by year’s end.
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