Global Stocks Rally After Fed Chair Speaks to US Lawmakers

13 Juillet, 2017, 12:31 | Author: Marc Bacque
  • FSMNews

The testimony depicted an economy that is growing, albeit slowly, and continues to add jobs as it benefits from steady household consumption and a recent jump in business investment.

Equities were underpinned by a drop in bond yields as Yellen sounded cautious on inflation and noted the Fed would not need to raise rates "all that much further" to reach current low estimates of the neutral funds rate.

"The Fed isn't really going to upset the apple cart", Hatheway said.

The Federal Reserve Bank of Minneapolis President Neel Kashkari will participate in a Town Hall question-and-answer session moderated by Bremer Bank CEO Jeanne Crain in Minneapolis, Minnesota.

MSCI's gauge of stocks across the globe .MIWD00000PUS gained 0.97 percent while the pan-European FTSEurofirst 300 index of leading regional shares (.FTEU3) closed 1.61 percent higher at 1,514.59 and emerging market stocks (.MSCIEF) rose 1.4 percent.

Shares were mostly higher in Asia Thursday following a broad rally on Wall Street that nudged the Dow Jones industrial average to a new high after Federal Reserve Chair Janet Yellen told Congress the central bank may slow the pace of its interest rate increases if inflation remains below its target level. The Shanghai Composite index climbed 0.4 percent at 3,210.65 and the S&P ASX 200 surged 1.1 percent to 5,735.40. Yields fall when bond prices rise.

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The dollar, which has for years been supported by a move towards United States tightening as the economy picks up, has begun to falter of late as other global central banks prepare to shift away from the easy money policies put in place after the financial crisis. It rose 45 cents, or 1 percent, to settle at $45.49 per barrel on Wednesday.

The euro edged up 0.2 percent to $1.1435, inching back towards a 14-month high of $1.1489 set on Wednesday.

Spot gold rose 0.1% to Dollars 1,218.60 per ounce at 0046 GMT, adding to a 0.3% gain in the previous session.

West Texas Intermediate crude futures for August delivery were marked 0.35% lower at $45.33 at the start of European trading while Brent contracts for September were seen 0.3% lower at $47.60.

Global oil prices continued their volatile ride overnight, with prices pulling back after data from OPEC's regular monthly oil report lowered its forecast for worldwide demand its supply next year to around 32.2 million barrels per day. AP is the largest and most trusted source of independent news and information.

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