The 10-year Treasury yield rose slightly to 4.4316% as investors anticipated new economic data and central bank insights following a week of gains. The 2-year Treasury yield dipped marginally to 4.2992%. Market focus is on upcoming comments from Fed officials and key economic indicators, including housing and consumer confidence data.
Asia markets are set to open mixed as investors await key economic data from China and Japan. Small-cap stocks have faced significant losses this week, with the Russell 2000 dropping around 4%, while the health-care sector led declines in the S&P 500, falling 5.3%. Chicago Fed President Austan Goolsbee expressed optimism about achieving economic goals and indicated a potential path for interest rate cuts over the next 12 to 18 months.
Treasuries edged higher, reducing their weekly losses as attention shifted from Donald Trump's election victory to economic data and Federal Reserve commentary. The yield on the 10-year note fell for a second consecutive day, while investors await US retail sales figures and insights from Fed officials. Fed Chair Jerome Powell's remarks on rate cuts contributed to a rise in two-year yields.
Michigan's Consumer Sentiment preliminary reading is expected to rise to 70.9 in October, while key speeches from Fed officials are anticipated. In the bond market, the 10-year U.S. Treasury yield is at 4.092%. European markets are mixed, with the Euro Stoxx 50 futures down slightly, as investors await U.S. bank earnings and updates on China's fiscal stimulus. The U.K. economy showed growth in August, while Germany's inflation eased to 1.6%. Asian markets closed mixed, with Japan's Nikkei 225 rising on investor adjustments ahead of a holiday, while China's Shanghai Composite fell amid caution over potential stimulus measures. U.S. futures are down as the market awaits crucial PPI data and bank earnings.
Gold prices are on a record chase following a significant 50 basis point interest rate cut by the US Federal Reserve, with hopes for further reductions later this year. The trading range is anticipated between $2,500 and $2,700, influenced by recent cuts from the ECB and BoE. Investors should remain cautious of potential setbacks as key economic indicators and Fed comments are expected to impact market trends.
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