Global shares were mixed on Tuesday ahead of this week’s U.S. inflation reading and a crucial European Central Bank meeting, while industrial metals prices extended recent gains on expectations of a worldwide manufacturing rebound.
“Stock markets seem to be in a holding pattern at the moment and I think that will continue until we get more clarity on inflation and the state of the economy,” said Dan Boardman-Weston, CIO at BRI Wealth Management. Traders are now pricing about 62 basis points of cuts from the Federal Reserve in 2024, implying around two or three quarter-point cuts, down from around 150 bps at the start of the year.
Germany’s 10-year bund yield dipped to 2.415 per cent on Tuesday after touching a three-week high of 2.457 per cent the day before, while the euro held firm at US$1.0855. Japanese Finance Minister Shunichi Suzuki said authorities would not rule out any options in dealing with excessive yen moves, repeating his warning that Tokyo is ready to act against the currency’s recent sharp declines.
MSCI’s broadest index of Asia-Pacific shares outside Japan increased 0.6 per cent. Japan’s Nikkei 225 rose 1.08 per cent to 39,773.13, while Hong Kong’s Hang Seng was up 0.57 per cent to 16,828.07.
Nederland Laatste Nieuws, Nederland Headlines
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