CANBERA (dpa-AFX) - With markets overwhelmingly anticipating a quarter point rate cut in the Fed's final review for 2024 due on Wednesday, market sentiment remains firmly tethered to the potential monetary policy outlook for 2025. Even as markets reconciled to the prospect of a slower Fed rate cut path in 2025, spotlight is on the Fed's quarterly economic projections on Wednesday.
Wall Street Futures are trading in the green zone. European benchmarks are trading on a negative note amidst lackluster PMI updates. Asian benchmarks also closed with deep losses amidst disappointing economic data from China.
The Dollar Index edged down. Bond yields mostly eased. Crude oil prices slumped amidst concerns over demand from China. Overwhelming expectations of a Fed rate cut lifting gold prices. Cryptocurrencies rallied while Bitcoin scaled a fresh peak on expectations of a strategic reserve.
Here is a snapshot of the major world markets at this hour.
Stock Indexes:
DJIA (US30) at 43,883.00, up 0.13% S&P 500 (US500) at 6,061.20, up 0.17% Germany's DAX at 20,369.95, down 0.11% U.K.'s FTSE 100 at 8,277.19, down 0.28% France's CAC 40 at 7,355.12, down 0.73% Euro Stoxx 50 at 4,945.65, down 0.45% Japan's Nikkei 225 at 39,463.00, down 0.07% Australia's S&P ASX 200 at 8,249.50, down 0.56% China's Shanghai Composite at 3,386.33, down 0.16% Hong Kong's Hang Seng at 19,795.49, down 0.88%
Currencies:
EUR/USD at 1.0490, down 0.11% GBP/USD at 1.2646, up 0.23% USD/JPY at 153.82, up 0.11% AUD/USD at 0.6351, down 0.16% USD/CAD at 1.4240, up 0.08% Dollar Index at 106.99, down 0.01%
Ten-Year Govt Bond Yields:
U.S. at 4.377%, down 0.50% Germany at 2.2375%, down 0.42% France at 3.029%, down 0.03% U.K. at 4.4380%, up 0.54% Japan at 1.056%, down 0.85%
Commodities:
Brent Oil Futures (Feb) at $73.82, down 0.90%. Crude Oil WTI Futures (Jan) at $70.11, down 1.66%. Gold Futures (Feb) at $2,681.56, up 0.22%.
Cryptocurrencies:
Bitcoin at $104,480.35, up 2.00% Ethereum at $3,941.18, up 1.83% XRP (XRP) at $2.38, down 1.55% Solana at $216.96, down 0.44% BNB at $709.67, down 0.32%
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