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The U.S. 10-year Treasury yield rose to 4.227% on Wednesday, continuing its upward trend and exerting pressure on stock markets, with futures declining after the S&P 500 experienced back-to-back losses. Concerns over robust economic data and deficit issues have contributed to this rise, despite a recent half-point rate cut by the Federal Reserve. Investors are closely monitoring upcoming comments from Fed officials and the release of the Beige Book, which reviews economic conditions across the country.
Treasuries continued to face losses as global bond markets experienced a selloff, with US stocks struggling amid expectations of a slower pace of Federal Reserve rate cuts. Asian markets showed mixed signals, with futures indicating gains in Hong Kong and Sydney, while Tokyo was set for a decline. US contracts dipped following disappointing news from key companies, and the S&P 500 closed relatively unchanged, as 10-year Treasury yields hovered around 4.2%, marking their highest level since July.
The International Monetary Fund has raised its 2024 growth forecast for the UK to 1.1%, up from 0.7%, citing lower inflation and interest rates as key factors boosting domestic demand. Inflation fell to 1.7% in September, down from 11.1% a year prior, prompting expectations of quicker interest rate cuts by the Bank of England. As the Labour Party prepares to unveil its first budget in 14 years, Prime Minister Keir Starmer warns of "tough" decisions to address a claimed £22 billion financing shortfall.
US equities are at record highs as the presidential election approaches, with the S&P 500 experiencing its longest winning streak this year. Despite election-related volatility, strong earnings growth and economic momentum suggest that investors should remain invested rather than make drastic portfolio changes. The election outcome may take weeks to determine, and potential market reactions will depend on the actual implementation of policies by the winning candidate.
UBS Global Wealth Management has upgraded its view on U.S. equities to attractive, driven by the increasing adoption of artificial intelligence and supportive domestic and global factors, including China's recent stimulus measures. The S&P 500 has surged 22% this year, achieving 46 record-high closes, indicating further potential gains ahead.
UBS has raised its year-end target for the S&P 500 to 5,850 points, up from 5,600, citing corporate earnings growth and favorable economic conditions. The index has surged 22.85% in 2024, reaching a record high of 5,859.85 points. UBS also increased its 2025 target to 6,400, driven by anticipated interest rate cuts and strong technology stock performance.
UBS Global Research has raised its year-end target for the S&P 500 to 5,850 points, up from 5,600, citing corporate earnings growth and favorable macroeconomic conditions. The index has surged 22.85% in 2024, reaching a record high of 5,859.85 points. Additionally, UBS increased its 2025 target to 6,400, driven by anticipated interest rate cuts and strength in technology stocks.
UBS Global Research has raised its year-end target for the S&P 500 to 5,850 points, up from 5,600, citing corporate profit growth and a supportive macroeconomic environment. The index has surged 22.85% in 2024, reaching a record high of 5,859.85 points. UBS also increased its 2025 target to 6,400, anticipating further gains driven by technology stocks and a series of interest rate cuts by the Federal Reserve.
Investors' risk appetite is improving, with the S&P 500 reaching new highs and the VIX index falling below 20. However, volatility may rise due to uncertainties surrounding the Federal Reserve's interest rate policy and ongoing geopolitical tensions in the Middle East, particularly between Israel and Iran. As the US presidential election approaches, market fluctuations are expected, prompting recommendations for investors to manage potential volatility through structured strategies and exposure to gold and oil as hedges.
US stock markets hit record highs following the Federal Reserve's support for a significant interest rate cut, while optimism in Australia surged due to China's fiscal policy measures. Key economic indicators showed mixed results, with rising jobless claims and fluctuating inflation rates. Upcoming data releases include employment figures in Australia and retail sales in the US.
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