Investors favour tech stocks after Jerome Powell calms markets

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Testimony from US Federal Reserve chair Jerome Powell reassures traders that the central bank is in no hurry to increase rates

Foreign exchange traders monitor screens in Tokyo, Japan. Picture: GETTY IMAGES/CARL COURT

The Fed had knocked stocks and boosted the dollar last week with a surprise projection for rate increases as soon as 2023. AMP Capital chief economist Shane Oliver put it this way in a note to clients on Wednesday: “This is all a long way off as even the first hike is a while away.” The greenback was firm against most majors on Wednesday and last traded 0.1% higher at $1.1928 to the euro and was close to its highest for the year at ¥110.78.analysts said in a note.

Also on the horizon are speeches from Reserve Bank of Australia assistant governor Luci Ellis — the first from a central banker since stellar jobs data this month — and from European Central Bank president Christine Lagarde. Elsewhere, cryptocurrencies were licking their wounds after heavy selling drove bitcoin to its lowest since early January — though it has since recovered back above $30,000.

 

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'Let's market our towns to investors,' Ramaphosa tells ANC membersANC president Cyril Ramaphosa wants party members to push for investment in local governments in the run-up to this year's municipal elections. The best choice I've made this year was investing in cryptocurrency and forex trading and earning from home. With the help of GregBdie I've been earning ZAR60,353.00k weekly I've never regretted this decision fellow RSA, 🙏🏻 Market out town for investors? Let's start with basic service deliver. Might I remind you about a certain cheese factory? He meant money laundering
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'Let's market our towns to investors,' Ramaphosa tells ANC membersANC president Cyril Ramaphosa wants party members to push for investment in local governments in the run-up to this year's municipal elections. The ANC is bankrupt through corruption within its structures and now wants its members to pay for the upcoming election.😂🤣😂🤣😂🤣 Shouldn’t be too difficult!!
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