Thursday, 23 September 2021
US stocks demonstrated a solid performance on Thursday, amid Federal Reserve’s intention to start tapering in November and hopes that the Evergrande debt crisis could be restrained.
The S&P 500 heads for its biggest two-day gain since May, jumping as much as 2.5%. Dow Jones up 1.7%, while yields surged globally on Bank of England’s intentions to move closer to interest rates raise.
The 10-years gilt yield topped 0.90% the best performance since May, while Treasury yields led by the 30-year, surged more than 12 basis points, the biggest increase in September
Markets summarised
Stocks
The S&P 500 rose 1.5% as of 2:34 p.m. New York time
Nasdaq 100 rose 1.1%
The Dow Jones Industrial Average rose 1.7%
The MSCI World index rose 1.2%
Bonds
The yield on 10-year Treasuries advanced 10 basis points to 1.40%
Germany’s 10-year yield advanced seven basis points to -0.26%
Britain’s 10-year yield advanced 11 basis points to 0.91%
Currencies
The ICE U.S. Dollar Index, a measure of the currency against a basket of rivals, was down 0.4%.
The euro rose 0.5% to $1.1745
The British pound rose 0.8% to $1.3735
The Japanese yen fell 0.4% to 110.20 per dollar
Commodities
West Texas Intermediate crude rose 1.5% to $73.30 a barrel
Gold futures fell 1.6% to $1,750.50 an ounce
Cryptocurrencies
Bitcoin steadied around $44,000
Other markets
Oil futures pushed higher, with the U.S. benchmark up 1.4% to $73.22 a barrel.
Gold futures dropped 1.8% to around $1,747 an ounce.
In Asia, Hong Kong’s Hang Seng Index reopened after a one-day holiday to a 1.1% gain, while China’s CSI 300 index rose 0.6% and Japan’s Nikkei 225 index was closed for a holiday.
In Europe, the Stoxx Europe 600 index rose 0.9%, while the FTSE 100 index gave up 0.1%.
Emerging-market stocks climbed for a third day.
Turkey’s lira slumped to record low against the dollar after the central bank unexpectedly cut interest rates.
Friday focus
Fed Chair Jerome Powell, Fed Governor Michelle Bowman and Vice Chairman Richard Clarida discuss pandemic recovery.
(Written and edited by: The Decision Maker)