World stocks hovered near record highs on Friday, underpinned by a big interest rate cut from the Federal Reserve earlier this week, while the yen eased after Bank of Japan Governor Kazuo Ueda tempered expectations around imminent rate hikes.
The dollar steadied broadly after suffering losses earlier this week after the Fed delivered a 50 basis point rate cut and assured investors the jumbo-sized reduction was a measure to safeguard a resilient economy, rather than an emergency response to recent weakness in the labor market. The MSCI index of world stocks edged up 0.1% after Thursday’s 1.6% jump took it to a record high. It was headed for a 1.5% weekly rise.
“Markets were really hoping that the policy action taken by Chinese authorities will work. They’ve done a lot of little things but unfortunately not enough to turn around the slowdown in economic activities,” said State Street’s Veitmane.The onshore yuan strengthened to the highest in nearly 16 months after the People’s Bank of China’s surprise move, leading to intervention by state banks to prevent it from appreciating too fast.
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