SYDNEY - Asian markets marked time on Thursday with two major centers - Japan and China - shut for holidays while the dollar held on to overnight gains after the U.S. central bank poured cold water on rate cut expectations.
E-Mini futures for the S&P 500 were unchanged. In early European trades, the pan-region Euro Stoxx 50 futures were down 0.23 percent at 3,444, German DAX futures were 0.18 percent lower at 12,329, while FTSE futures were down 0.36 percent at 7,305.5.Global equities markets have scaled new highs since the start of the year largely on expectations of easy monetary policies around the world while a positive tone on U.S.-China trade negotiations has also aided sentiment.
“It follows that the overall environment is therefore still favorable for EM, not so much due to cheap valuations but still attractive enough risk-adjusted carry.” In currency markets, the greenback took a breather following strong gains overnight after the U.S. Federal Reserve kept the target range for its policy rate unchanged at its May meeting.
The Fed’s mixed messages on policy have been a drag on the dollar. It downgraded its inflation outlook and made a technical cut to rates on excess reserves. Yet, Fed Chairman Jerome Powell said the factors dragging on inflation might be “transitory” and he saw no case for a rate move in either direction.
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