Rate Cut Hopes Drive Market Sentiment

Relief triggered by the Fed’s dovish tilt and the status quo on rates by Bank of England and the European Central Bank helped maintain positive market sentiment. Unlike the Fed, BoE and ECB resisted rate cut expectations, limiting gains. Markets now wait for the Bank of Japan’s interest rate decision late on Monday.

Wall Street Futures reflect mild gains. European benchmarks are also trading higher despite weaker-than-expected PMI updates. Asian stocks finished trading on a mostly positive note.

Dollar Index rebounded after falling below 102. Bond yields continued to ease. International Energy Agency’s upgrade to global oil demand helped crude oil prices extend gains. Gold prices extended gains. Cryptocurrencies mostly gained.

Here is a glimpse of the major world markets at this hour.

Stock Indexes:

DJIA (US30) at 37,359.50, up 0.30%
S&P 500 (US500) at 4,733.20, up 0.29%
Germany’s DAX at 16,852.55, up 0.60%
U.K.’s FTSE 100 at 7,651.12, up 0.03%
France’s CAC 40 at 7,607.66, up 0.42%
Euro Stoxx 50 at 4,563.75, up 0.54%
Japan’s Nikkei 225 at 32,970.55, up 0.93%
Australia’s S&P ASX 200 at 7,442.70, up 0.88%
China’s Shanghai Composite at 2,942.56, down 0.56%
Hong Kong’s Hang Seng at 16,790.00, up 2.58%

Currencies:

EUR/USD at 1.0962, down 0.26%
GBP/USD at 1.2753, down 0.10%
USD/JPY at 141.69, down 0.13%
AUD/USD at 0.6718, up 0.31%
USD/CAD at 1.3378, down 0.21%
Dollar Index at 102.13, up 0.17%

Ten-Year Govt Bond Yields:

U.S. at 3.914%, down 0.39%
Germany at 2.0595%, down 3.08%
France at 2.586%, down 2.71%
U.K. at 3.7915%, up 0.15%
Japan at 0.704%, down 0.98%

Commodities:

Brent Oil Futures (Feb) at $77.12, up 0.67%.
Crude Oil WTI Futures (Jan) at $72.07, up 0.68%.
Gold Futures (Feb) at $2,058.75, up 0.68%.

Cryptocurrencies:

Bitcoin at $42,940.19, up 0.30%
Ethereum at $2,279.29, up 0.06%
BNB at $250.57, down 0.27%
XRP at $0.6334, up 1.14%
Solana (SOL) at $77.59, up 8.61%.

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