The 10-Year Treasury yield fell for a second week in a row on Friday, prompting some on Wall Street to bet on a potential slip below 4% by the end of the summer as the Federal Reserve closes in on its first rate cut.
Stocks ticked higher to start the day on Friday as traders shrugged off hotter-than-expected wholesale price inflation. The Nasdaq Composite was up 0.1%. The producer price index rose at a 2.6% annual rate compared to expectations at 2.3%.
-- China’s trade balance grew more than expected in June on surging exports, while imports unexpectedly shrank as local demand remained subdued amid persistent...
Stocks (^DJI, ^IXIC, ^GSPC) open Friday's session higher, the S&P 500 eyeing to return above its benchmark high of 5,600. Treasury yields (^TYX, ^TNX, ^FVX) are reacting to this morning's Producer Price Index (PPI) inflation data. Seana Smith and Brad Smith recap index movements after the opening bell while Jared Blikre monitors the energy sector (XLE) and crude oil (CL=F, BZ=F) upward price momentums. For more expert insight and the latest market action, click here to watch this full episode of Morning Brief. This post was written by Luke Carberry Mogan.
According to Odaily, the Hong Kong Monetary Authority (HKMA) has issued a notice to banks and licensed stored value facility holders. The notice details the results of a meeting held last month by its Financial Action Task Force (FATF), identifying jurisdictions with strategic deficiencies in their systems for combating money laundering, terrorist financing, and proliferation financing.The HKMA stated that the FATF has completed its fifth targeted review of virtual assets and virtual asset service providers, implementing relevant anti-money laundering measures. The task force will continue to monitor market trends and watch for significant developments that may require further action. The report on this review will be published in the coming weeks.
The rise in consumer prices eased to 3% in June, further extending a recent slowdown in price increases.
-- The Japanese yen firmed sharply on late-Thursday, with the USDJPY pair dropping to a near one-month low amid speculation over potential currency market intervention...
According to Odaily, Mary Daly, a representative of the US Federal Reserve, she expressed her growing confidence in the need for early relaxation of monetary policy during a phone conference with the media. This belief is based on recent inflation and employment data. 'Considering the information we have received so far, including data on employment, inflation, GDP growth, and economic prospects, I believe some policy adjustments may be necessary,' Daly stated. However, she declined to specify when she believes it would be appropriate for the Federal Reserve to cut interest rates.Daly has publicly stated that she does not believe prescriptive forward guidance, including the number and timing of rate cuts, is the best approach at this critical time. She pointed out that the risks faced by the Federal Reserve's dual goals of price stability and full employment have been better balanced. She believes that monetary policy is taking effect, but there is still 'considerable uncertainty' about how the economy will develop.
MP Tulip Siddiq called for crypto regulation as shadow economic secretary while in the opposition, and now the Labour Party is in control of the UK government.
Abra purchased the trusts amid a settlement with 25 US state regulators connected to financial licensing violations.