Business Maverick: Stocks resume rally with slower rate-hike bets: markets wrap

An index of global shares is headed for a fifth day of gains, its longest stretch in more than two months, amid growing expectations of moderating US rate hikes. A tech rally powered Hong Kong shares to further erode losses incurred earlier this week after President Xi Jinping tightened his grip on power. Japanese stocks led declines in Asia.

A Bloomberg gauge of the dollar steadied, with offshore yuan giving up some of Wednesday’s gains. The yield on the 10-year Treasury bond sat around 4% after inching below the threshold earlier, with investors positioning for less aggressive rate hikes as earnings and economic data indicate a slowdown. The benchmark US yield has dropped more than 20 basis points over the past two days.

Amid the challenges for equities investors, central banks are providing some optimistic signals that less aggressive monetary tightening may be on the horizon. The Bank of Canada raised interest rates by a smaller amount than expected on Wednesday, adding to suggestions that the Federal Reserve is also getting closer to shifting down in gears.

A contraction in services and manufacturing and fewer new home sales showed the Fed’s efforts to cool the economy seem to be bearing some fruit. Still, economists expect the Fed to hike by 75 basis points for the fourth time in a row when it meets next week. “The only reprieve that will cause them to pause will be signs that inflation is subsiding and we’re not quite there,” said Nancy Daoud, a private wealth adviser at Ameriprise Financial, in an interview on Bloomberg TV. “They will stick to their guns and raise rates in November and again in December.”US futures climbed, overcoming a 24% decline for Meta Platforms in after-hours trading following underwhelming third-quarter earnings. Wednesday’s declines for the Facebook parent, Amazon.

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Women sidelined at male-dominated Hong Kong finance summitJust a handful of women speakers are participating in the financial hub’s Global Financial Leaders’ Investment Summit — 87% of the speakers are men tweet4852 These firms are endorsing a dictatorship's suppression of freedom and democracy of hong Kong, and you just care about whether there is enough women to attend?
Source: BDliveSA - 🏆 12. / 63 Read more »

Women sidelined at male-dominated Hong Kong finance summitJust a handful of women speakers are participating in the financial hub’s Global Financial Leaders’ Investment Summit — 87% of the speakers are men
Source: BDliveSA - 🏆 12. / 63 Read more »

Business Maverick: Gains in global stocks eroded by turmoil in China: markets wrapGlobal equities clung to the slimmest of gains on Tuesday as volatility gripped Chinese stocks while other key markets around the region followed Wall Street higher amid optimism from early US corporate earnings reports.
Source: dailymaverick - 🏆 3. / 84 Read more »

Asian stocks fall to 30-month lowsMSCI’s broadest index of Asia-Pacific shares dips to lowest since April 2020
Source: BDliveSA - 🏆 12. / 63 Read more »

Make or break week for Big Tech stocksInvestors are facing a make or break week for some of Wall Street’s most influential technology stocks.
Source: TechCentral - 🏆 8. / 71 Read more »

Help boost declining blood stocks | Boksburg AdvertiserThe South African National Blood Service (theSANBS) is facing blood stock shortages and needs help from the community to avoid a crisis.
Source: BoksburgNews - 🏆 40. / 51 Read more »