CANBERA (dpa-AFX) - Amidst overwhelming expectations of a rate cut by the Fed on Wednesday, focus of world markets has turned on Fed Chair's potential forward guidance. With inflation subdued, job markets cooling and divisions in the Fed, markets are bracing for the uncertainty surrounding the monetary policy outlook.
The CME FedWatch tool that tracks the expectations of interest rate traders currently shows the likelihood of a quarter percentage rate cut by the Fed on December 10 at 87.4 percent versus 86.2 percent a day ago.
Wall Street Futures have edged up. Benchmarks in Europe are trading on a mixed note. Asian markets too were directionless in the day's trading.
The six-currency Dollar Index is trading close to the flatline. Ten-year bond yields mostly hardened in anticipation of a hawkish forward guidance by the Federal Reserve. Ten-year Japanese bond yields touched a fresh 52-week high again on Monday.
Crude oil prices declined head of the Fed decision. Gold prices too retreated amidst warnings by BIS, dubbed the central bank to the world's central banks. Cryptocurrencies nevertheless rallied.
Here is a snapshot of the major world markets at this hour.
Stock Indexes:
DJIA (US30) at 47,962.60, up 0.02% S&P 500 (US500) at 6,878.30, up 0.11% Germany's DAX at 24,092.54, up 0.22% U.K.'s FTSE 100 at 9,653.45, down 0.14% France's CAC 40 at 8,100.65, down 0.17% Euro Stoxx 50 at 5,725.65, up 0.03% Japan's Nikkei 225 at 50,581.94, up 0.18% Australia's S&P ASX 200 at 8,624.40, down 0.12% China's Shanghai Composite at 3,924.08, up 0.54% Hong Kong's Hang Seng at 25,765.36, down 1.23%
Currencies:
EUR/USD at 1.1648, up 0.04% GBP/USD at 1.3321, down 0.08% USD/JPY at 155.57, up 0.14% AUD/USD at 0.6639, down 0.02% USD/CAD at 1.3807, down 0.07% Dollar Index at 98.97, down 0.02%
Ten-Year Govt Bond Yields:
U.S. at 4.149%, up 0.22% Germany at 2.8369%, up 1.32% France at 3.556%, up 0.65% U.K. at 4.4920%, up 0.31% Japan at 1.974%, up 1.28%
Commodities:
Brent Oil Futures (Feb) at $63.02, down 1.15%. Crude Oil WTI Futures (Jan) at $59.37, down 1.18%. Gold Futures (Feb) at $4,233.75, down 0.22%.
Cryptocurrencies:
Bitcoin at $91,667.88, up 3.05% Ethereum at $3,145.11, up 3.67% XRP at $2.09, up 2.66% BNB at $909.93, up 2.25% Solana at $138.19, up 4.44%
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