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All eyes will be on Federal Reserve Chairman Jerome Powell Friday morning when he speaks at the Fed’s annual Jackson Hole Economic Policy Symposium.
Worries about future economic rough patches have been heating up in recent weeks, but there is a financial playbook for navigating the next recession.
Kansas City Fed President Esther George told Yahoo Finance that cutting interest rates is "not likely to resolve" uncertainty over trade.
(Bloomberg) -- Stocks climbed along with U.S. equity futures and Treasury yields as investors awaited Federal Reserve Chair Jerome Powell’s address at the Jackson Hole summit.The Stoxx Europe 600 Index advanced, heading for its first weekly gain in four weeks as nearly all sectors were in the green. Futures on the three main U.S. equity gauges also rose, as all eyes turn to the Fed chief for guidance after three policy makers at the central bank voiced resistance to lower interest rates. Gains were modest across Asia, with stocks in Hong Kong and China climbing while Korean shares edged down. The greenback nudged higher, while China’s offshore yuan briefly weakened to 7.1 per dollar. Euro-area government bonds fell.After a tumultuous August for markets amid concern over a slowing global economy and the escalating trade war, investors will be looking for confirmation of the quarter percentage-point U.S. rate cut markets have priced in for next month. Dissenting Fed voices may limit the prospects for the larger move that some, including President Donald Trump, have advocated.“The markets want more than the Fed is going to give here,” Alicia Levine, chief strategist at Bank of New York Mellon Corp., told Bloomberg TV. “There is real disagreement within the FOMC about where the U.S. economy is, and particularly the fact that the data has been stronger than one would expect. There’s a setup for Powell to disappoint the market.”This weekend, world leaders gather at the G-7 confab in Biarritz, though a spate of contentious issues, like Brexit, may stand in the path of forging a unified response to the global economic slowdown.Elsewhere, oil slipped with gold, while the kiwi rose after New Zealand’s central bank governor said he could afford to wait before deciding whether to add more support for the economy.Here are some of the main moves in markets:StocksFutures on the S&P 500 Index increased 0.4% as of 10:26 a.m. London time.The Stoxx Europe 600 Index advanced 0.6%.The Shanghai Composite Index gained 0.5%.The MSCI Emerging Market Index climbed 0.3%.CurrenciesThe Bloomberg Dollar Spot Index increased 0.1%.The euro declined 0.1% to $1.1067.The British pound sank 0.3% to $1.2216.The onshore yuan was little changed at 7.08 per dollar.The Japanese yen fell 0.2% to 106.64 per dollar.BondsThe yield on 10-year Treasuries jumped three basis points to 1.65%.The yield on two-year Treasuries gained three basis points to 1.64%.Germany’s 10-year yield increased two basis points to -0.62%.Britain’s 10-year yield advanced four basis points to 0.558%.Japan’s 10-year yield climbed less than one basis point to -0.231%.CommoditiesWest Texas Intermediate crude dipped 0.3% to $55.17 a barrel.Iron ore increased 4.4% to $87.10 per metric ton.Gold decreased 0.2% to $1,495.72 an ounce.\--With assistance from Caroline Hyde, Joanna Ossinger and Adam Haigh.To contact the reporter on this story: Yakob Peterseil in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Samuel Potter at email@example.com, Namitha JagadeeshFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Stocks in Asia and Europe ticked upwards as traders awaited further pointers from the US Federal Reserve’s annual summit, with chairman Jay Powell due to make the keynote address. European markets were higher in morning trading on Friday with the Stoxx Europe 600 up 0.4 per cent and on track for its best week since early June, following a broadly positive Asian session. The MSCI All-World stock index is on track for its first weekly gain in four, but the stock market optimism comes as investors turn their gaze to Jackson Hole Wyoming, where Mr Powell is due to address delegates later today.
Asian shares struggled to make headway on Friday as uncertainty over how much further the U.S. Federal Reserve would cut interest rates added to investors' worries over slowing global growth. With the U.S.-China trade war dragging on, and political tumult in Hong Kong, Italy and Britain adding to the tense backdrop, investors were keenly awaiting Fed Chair Jerome Powell's speech at a gathering of central bankers in Jackson Hole, Wyoming, later in the day (1400 GMT).
Data storage giant Western Digital, private-label food producer TreeHouse Foods, and tire manufacturer Goodyear are vulnerable to an attack from activist investors, according to shareholder-activism intelligence firm Activist Insight.
U.S. stock futures rise ahead of a speech from Federal Reserve Chairman Jerome Powell that will be closely watched by Wall Street; Salesforce jumps after reporting second-quarter earnings that beat estimates and raising its fiscal-year guidance; VMware to buy Pivotal Software and Carbon Black; Hasbro acquires the owner of the rights to 'Peppa Pig.'
Stock futures: Fed chief Jerome Powell gives a key speech for the stock market Friday. Salesforce earnings as well as VMware deals to buy Pivotal and Carbon Black lifted software late.
World stock markets and the dollar rose on Friday as investors looked to a speech by Federal Reserve chair Jerome Powell for clarification on whether the U.S. central bank remains on course to deliver another interest rate cut in next month. Suggesting markets remain broadly confident of further Fed easing, European stocks rebounded from the previous day's falls, with the pan-European STOXX 600 index gaining as much as half a percent in early deals. Britain's FTSE 100 index was up 0.64%.
The Dow Jones Industrial Average rose slightly, and the S&P 500 and the Nasdaq Composite edged lower. Investors are waiting to hear from Federal Reserve Chairman Jerome Powell on Friday.
Salesforce.com Inc. shares rally in the extended session Thursday after the customer-relationship management software company’s quarterly results and outlook top Wall Street estimates.
A rise in Boeing Co. stock helped to support the Dow index Thursday, but the broader market slipped after a survey showing the U.S. manufacturing sector contracting for the first time in a decade, and as a recessionary signal in the bond market flashed red.
The benchmark S&P 500 ended little changed on Thursday as a fall in U.S. jobless claims offset data showing a contraction in U.S. manufacturing activity while investors awaited Federal Reserve Chair Jerome Powell's speech on Friday for clues on the central bank's monetary policy. Data from the U.S. Labor Department showed initial claims for state unemployment benefits dropped more than expected last week, suggesting the labor market was holding firm despite a manufacturing slowdown and concerns the economy is on a path toward recession.
An index of stock markets worldwide crept lower on Thursday on uncertainty over the outlook for U.S. interest rate cuts and weak U.S. manufacturing data that raised concerns about the health of the world's largest economy. U.S. manufacturing industries in July recorded their first month of contraction in almost a decade amid concerns about whether the U.S.-China trade conflict would tip the economy into a recession, a private survey showed. "Manufacturing has been pretty weak across the globe for a while now and we are starting to see that bleed into the U.S.," said Joe Mallen, chief investment officer at Helios Quantitative Research.
The U.S. Federal Reserve is under pressure from President Donald Trump to cut interest rates. Investors expect the Fed to cut, perhaps by a lot. What's the holdup?Perhaps more than at any time in the last few years, the data flowing into the Fed isn't telling a clear story, partly because of contradictory signals - rising employment but slowing factory output, for example - but also because everything may be clouded by a trade war that shows no signs of ending.