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Stocks rise after rate decision… and surprise reversals in gold and dollar trends by

© Reuters. – US stocks opened significantly higher today after the open, a day after , and minutes after interest rates.

Federal Reserve Chairman Jerome Powell’s speech on progress in reducing inflation reinforced bets on a slower slowdown in the US economy.

While both the dollar and gold reversed their trends during these moments of the day’s trade, after the dollar remained a loser for most of the day’s trade, it is now rising sharply, and gold turned lower after its gains during the day’s trade reached 1.8%.

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interest decision

The European Central Bank announced the interest rate decision a while ago, raising it by 50% to reach 3%, in line with experts’ expectations, as the bank seeks to control prices through a growing increase in European interest rates, heralding a severe recession in the coming period.

With this increase, the European Central Bank – along with the Bank of England, which raised interest rates by 50 basis points to reach 4% a short time ago – is following in the footsteps of its US Federal counterpart, which raised yesterday, Wednesday, as widely expected, after raising it by 50 points in the previous week. In December last year, after four consecutive 75 basis point hikes, the benchmark rate moved to a range of 4.50% to 4.75%, the highest level since 2007.

gloomy view

Mike Wilson, chief strategist at Morgan Stanley, warned markets of underperforming US stocks; Driven by the possibility that the somewhat strong performance in the US stock market in the recent period is temporary, due to the pessimistic results of US corporate financial statements.

The economist added that the latest financial statements of some US companies are considered to be some of the worst results in a long time. This casts a negative shadow over the development of the US stock market in the coming period, alongside a television interview with Bloomberg yesterday, Wednesday.

The analyst decried some people’s belief that companies were reporting better financial results than markets had feared. In the wake of the turmoil in US stocks last year; He reasoned that these disappointing results could have negative repercussions on the US stock market.

markets now

Wall Street at the opening

U.S. stocks jumped at the open on Thursday, with the Nasdaq index up 2 percent as Meta (NASDAQ: ) platform shares rose thanks to the implementation of strict cost controls.

The Nasdaq Composite Index rose 248.83 points, or 2.11 percent, to 12,065.15 points.

The industrial index rose 36.34 points, or 0.11 percent, to 34,129.30 points.

While the index increased by 39.47 points, or 0.96 percent, to 4,158.68 points.

gold now

It fell in the current moments to levels near $1919 an ounce, down 1.5%.

On the other hand, futures for the yellow metal fell during these moments of the day’s trading, at levels near 1934 dollars an ounce, a decrease of about 0.55%.

dollars now

Currently, it rose sharply to the levels of 101,697 points.

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Anticipation of the Fed’s decision casts a shadow over risk appetite today

© Reuters Anticipation of the Fed’s decision casts a shadow over risk appetite today

  – Wednesday’s trade witnessed a clear decline in risk appetite among investors, with the market’s focus entirely on the US Federal Reserve’s interest rate decision today, and then Governor Jerome Powell’s press conference, where he will clarify some signals about the direction of monetary policy in the coming period , and regarding. The following is the evolution of risk appetite for the most prominent assets traded on the markets:

First: Risk appetite and equity markets:

Risk appetite saw a clear decline in most global stock markets, amid investor caution, coinciding with their anticipation of the release of US data and the US Federal Reserve’s decision, which will have a significant impact on stock market trading.

European shares saw a divergence in their performance, as the German and French stock indices fell marginally, while the UK stock indices saw stability, trading close to yesterday’s closing level.

Meanwhile, US stock index futures fell in pre-trade, while Japanese and Chinese stock indexes closed higher.

Second: Risk appetite and the US dollar:

The US dollar continued to decline since the start of early trading in today’s session, as it was subjected to selling operations in anticipation of the US Federal Reserve’s decision and Powell’s remarks afterwards, which would greatly affect the dollar’s trading.

Expectations now suggest the Fed could raise interest rates by 25 basis points, but markets are also very focused on Powell’s comments, as he could signal the end of the monetary tightening cycle.

At the same time, interest rates fell dramatically, putting more downward pressure on the US dollar.

Third: Appetite for risk and gold:

Gold witnessed a marginal decline in early trade, but managed to erase those losses as a result of the significant decline in the US dollar and US Treasury yields, recovering to settle near yesterday’s closing level as the release of the Federal Reserve’s decision approached , as risk appetite declined significantly and investors turned to gold as a safe haven.

Fourth: Appetite for risk and oil:

Oil contracts rose marginally, pending the OPEC+ decision today on production volumes for the month of March, but the data on the decline in oil production in Iraq – one of the members of the organization – as well as the continued decline in Nigerian production, in addition to the news that OPEC + oil production fell. Of the target of 920,000 barrels per day, it provided some support for prices.

The effect of risk appetite on currencies and commodities:

Risk appetite and the US dollar: – which measures the performance of the US currency against 6 major currencies – declined by 0.24% to 101.86 points.

Risk appetite and gold: Prices edged up 0.09% to $1,930.11 an ounce, with precious metal futures also up 0.06% to $1,946.40 an ounce.

Risk appetite and oil: Crude futures rose 0.42% to $85.81 a barrel, and West Texas Intermediate crude futures rose 0.60% to $79.33 a barrel.

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#Anticipation #Feds #decision #casts #shadow #risk #appetite #today
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