Global Stocks Trade Mixed After Fed Outlook
2019年5月2日 - 5:48PM
Dow Jones News
By Paul J. Davies
Asian and European stocks showed a mixed reaction Thursday to
the U.S. interest rate decision Wednesday, when Wall Street
benchmarks ended lower.
The Hang Seng in Hong Kong gained 0.8% and South Korea's Kospi
Index rose 0.4%, but the Stoxx Europe 600 was down 0.4% and the
FTSE 100 in London fell 0.5%.
Investors in Asia took a more positive message on the health of
the U.S. and global economies from Federal Reserve Chairman Jerome
Powell's press conference than U.S. markets had the night
before.
The central bank left interest rates unchanged and its initial
policy statement appeared to emphasize weaker-than-expected
inflation, which prompted U.S. stocks to rally and government bond
yields to fall on the idea that future interest-rate cuts were more
likely.
However, Mr. Powell's later press conference highlighted
short-term explanations for soft inflation and he stopped short of
endorsing a rate cut when pushed on how he would respond to further
weak data.
"He also spoke positively about the growth outlook in China and
Europe, and said that financial conditions are accommodative," said
Jim Reid, a macro strategist at Deutsche Bank. "All in all, he
sounded more optimistic about the economy than expected."
The S&P 500 ended Wednesday down 0.8% and the Dow Jones
Industrial Average was 0.6% lower. However, futures markets pointed
to a better opening for both Thursday with increases of slightly
more than 0.1% priced in.
The outlook for healthier economies, along with rate cuts
appearing less likely, presented a balanced outlook for markets.
Signs that better growth was winning out and encouraging risk
taking were evident in government bond yields Thursday morning
where yields were lifted as prices fell.
The 10-year U.S. Treasury yield stood at 2.527% Thursday
morning, up from 2.510% Wednesday, while the German 10-year bund
yield moved further into positive territory to 0.023% from
0.016%.
On the other hand, the U.S. dollar, which had strengthened
marginally, late on Wednesday, weakened again Thursday morning with
the WSJ Dollar Index down 0.03%.
In commodities, Brent crude oil slipped 0.5% to $71.81 a barrel,
and gold fell 1% to $1.273.20 per ounce.
Write to Paul J. Davies at paul.davies@wsj.com
(END) Dow Jones Newswires
May 02, 2019 04:33 ET (08:33 GMT)
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