Wall Street's main indexes surged by 2%, and European shares rose over 1% on Thursday as central banks paused tightening.
Wall Street's three main stock indexes rallied nearly 2% and European shares climbed over 1% on Thursday on growing optimism that central banks are done tightening credit.
A batch of upbeat quarterly financial updates added to the bullish mood. For the third quarter, 80.9% of US-listed companies reporting so far have beat analysts' expectations while 14.9% have missed expectations.
The S&P 500 notched its biggest daily gain since April and closed above its 200 MA for the first time since late Oct. Meanwhile the Nasdaq rose the most since late July.
As we predicted in the Q2 report, US equities has staged a comeback to ellipse its European counterpart year-to-date due to widening economic divergence between the US and Europe.
The Fed steered clear of signalling any major policy shifts that could have unsettled investors, which produced a drop in 10-year Treasury yields. The Treasury department announced on Wednesday it would slow the pace at which it issues longer-dated debt.
Israel's military says it is surrounding Gaza City as its bombardment of the strip continues. But there is a growing conviction among investors that the war will not set off an economic shock globally.
Euro Stoxx 50 has broken the downtrend channel this month. A tendency to stay above the 200 MA could extend its rally towards the next resistance level.
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US job growth in July slowed more than expected, raising fears of a broader economic slowdown and causing risky assets to tumble throughout the month.
2024-09-06Oil prices rose slightly on Friday, as investors balanced a large US crude inventory draw and OPEC+ production delays with mixed US employment data.
2024-09-06Bullion steadied Thursday below $2500 after a market sell-off. It is expected to remain near this level until the NFP report is released.
2024-09-05