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Market News – Stocks rise, NZD and NZD fall

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Economic Indicators and Central Banks:

Growing political uncertainty and the wait for more data to clarify the path of Fed rate cuts, combined with a summer slump, have kept trading quiet and range-bound.

  • Fed Chairman Powell said nothing new During his Senate testimony, he cut rates, as expected, but there were some nuances that further supported the expectation that a rate cut would be his next move.
  • Financial stocks lead the broad index After Chairman Powell hinted at a second proposal, Basel III Regulations It will be issued, giving banks time and space to maneuver.
  • RBNZ The Fed announced a dovish policy rate hold, a remark that suggests a rate cut is likely to come this year. NZD The New Zealand dollar weakened amid a rise in domestic bonds. The Bank of New Zealand kept interest rates unchanged at 5.50% but signaled it was close to cutting rates. “Tight monetary policy has led to a significant decline in consumer price inflation and the Committee expects headline inflation to return to its target range of 1 to 3% later this year,” the statement said.
  • China’s Consumer Prices It rose slightly in June and remained near zero for the fifth consecutive month, indicating that deflationary pressures continue and are impeding the economic recovery. Meanwhile, factory prices remain deflated.
  • Major Japanese banks At a recent central bank hearing, he called on the Bank of Japan to sharply reduce its monthly bond purchases.

 

Asian & European Open:

  • Wall Street and Treasury bonds were mixed. S&P 500 0.10% increase 5577, It marked the sixth consecutive day of increases (the highest since the start of the year) and a new record high, the 36th of 2024. Nasdaq It rose 0.11%. 18,429, This year it reached a new peak, the 26th.
  • Japanese stocks Advanced, Intermediate China and Australia I refused. Nikkei It hit a new all-time high, approaching 42,000.
  • The heavy tilt toward the technology sector raises the risk that the AI-driven rally will falter. Valuations are high and earnings growth is expected to slow, adding uncertainty for investors counting on the continued rise of big technology companies. Citigroup strategists suggest it may be time to book profits in major AI stocks, despite strong sentiment and better-than-expected free cash flow forecasts for these companies.

Financial Market Performance:

  • of USD Index Rejected 105.208 return 104.70.
  • oil Prices have continued to fall as uncertainty about Chinese demand and the Fed’s timeline for rate cuts outweighs signs of drawdown in the United States.
  • Money Slightly higher 2372 With the dollar rising.

click here Access the economic calendar

Andrea Piccidi

Market Analyst

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