Markets Happy As ECB Hints Of Halting Rate Hikes

Hints of the European Central Bank halting its rate hikes helped boost sentiment across markets. Readings of industrial production and retail sales from China that surpassed expectations also added to the positive sentiment. Markets are also overwhelmingly expecting the Fed to skip a rate hike in September.

Wall Street Futures are trading in positive territory. European equities continued to reflect the euphoria following ECB’s hints of halts to rate hikes. Asian stock markets too finished trading on a broadly positive note, amidst further stimulus measures from China.

Dollar Index edged lower after touching a 6-month high on Thursday. Bond yields hardened amidst fears of the Fed keeping interest rates higher for longer. Better-than-expected readings of industrial production and retail sales from China helped drive up global prices of crude oil. Gold futures gained amidst hopes of a pause by the Fed in the upcoming review on Wednesday. Cryptocurrencies extended gains, buoyed by the ECB’s dovish hike.

Here is a glimpse of world markets at this hour.

Stock Indexes:

DJIA (US30) at 35,006.80, up 0.29%
S&P 500 (US500) at 4,511.10, up 0.13%
Germany’s DAX at 15,960.25, up 0.98%
U.K.’s FTSE 100 at 7,720.02, up 0.61%
France’s CAC 40 at 7,413.96, up 1.44%
Euro Stoxx 50 at 4,318.75, up 0.91%
Japan’s Nikkei 225 at 33,582.50, up 1.11%
Australia’s S&P ASX 200 at 7,279.00, up 1.29%
China’s Shanghai Composite at 3,117.74, down 0.28%
Hong Kong’s Hang Seng at 18,238.50, up 1.03%

Currencies:

EUR/USD at 1.0667, up 0.24%
GBP/USD at 1.2438, up 0.24%
USD/JPY at 147.74, up 0.19%
AUD/USD at 0.6455, up 0.25%
USD/CAD at 1.3511, up 0.02%
Dollar Index at 105.23, down 0.17%

Ten-Year Govt Bond Yields:

U.S. at 4.321%, up 0.70%
Germany at 2.6415%, up 1.79%
France at 3.178%, up 1.55%
U.K. at 4.3805%, up 2.28%
Japan at 0.699%, down 0.85%

Commodities:

Brent Oil Futures (Nov) at $93.93, up 0.25%.
Crude Oil WTI Futures (Oct) at $90.43, up 0.30%.
Gold Futures (Dec) at $1,939.65, up 0.35%.

Cryptocurrencies:

Bitcoin at $26,619.97, up 1.49%
Ethereum at $1,628.34, up 0.78%
BNB at $212.78, up 0.61%
XRP at $0.4968, up 3.18%
Cardano (ADA) at $0.2517, up 1.88%

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