Stocks rise, yen gains after BoJ move; earnings and Fed in focus

NEW YORK/LONDON, July 31 - MSCI'S global equities index rallied on Wednesday while the yen jumped after the Bank of Japan raised interest rates and investors waited for a U.S. interest rate decision from the Federal Reserve.

In U.S. Treasuries, yields were mostly lower after economic data indicated a slowing in the labor market and wage growth cemented expectations for a rate cut signal from the Fed. "We're seeing a nice bounce this morning. A lot of it is being driven by tech," said Emily Roland, Co-Chief Investment Strategist at John Hancock Investment Management. For tech strength, Roland pointed to earnings commentary as well as a report that a Biden administration plan restricting exports of chip manufacturing equipment to China would exclude shipments from allies that export key chip making equipment - including Japan, the Netherlands and South Korea.

MSCI's gauge of stocks across the globe , rose 13.34 points, or 1.66%, to 814.74. Europe's STOXX 600 , index rose 0.79% to 518.14. "This upside surprise is giving the yen a huge boost, especially because people think that the Fed might start telegraphing this afternoon for a cut in September," Given said.

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