Author Archive

Holly Ellyatt@HollyEllyatt

LONDON — European stocks traded higher Tuesday, buoyed by China’s central bank monetary stimulus measures, and brushing off concerns over Europe’s growth outlook.

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Gold prices steadied on Tuesday after surging to a record high in the previous session, following broadly dovish comments from U.S. Federal Reserve officials and escalating tensions in the Middle East.

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Lim Hui Jie

Key Points

• The People’s Bank of China announced it will reduce the reserve requirement ratio by 50 basis points, among other measures.
• Australia’s central bank held its benchmark policy rate at 4.35%, in line with expectations from economists polled by Reuters.

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Holly Ellyatt@HollyEllyatt

LONDON — European stocks are expected to start the week in positive territory as global markets continue to react positively to the U.S. Federal Reserve’s interest rate cut last week.

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Gold soared above the $2,600 level on Friday for the first time, extending a rally boosted by bets for further U.S. interest rate cuts, and rising tensions in the Middle East.

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Anniek Bao

@in/anniek-yunxin-bao-460a48107/@anniekbyx

Key Points

• Data last Friday showed China’s youth unemployment rate rose for a second straight month to its highest level this year, according to the National Bureau of Statistics, as the labor market cools down amid a weakening economy.
• The Reserve Bank of Australia starts its two-day policy meeting on Monday, where central bankers will decide on the country’s monetary path.
• Singapore is set to release its August consumer prices index, with core CPI estimated to have risen 2.6% year on year, according to a Reuters poll, compared to 2.5% in July.

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Karen Gilchrist

@_karengilchrist

LONDON — European markets mover lower Friday as investors digested a slew of central bank rate decisions this week and their impact on the global economy.

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Gold lingered near record high levels on Friday and was on track for a weekly gain after the Federal Reserve’s recent super-sized interest rate reduction and on signs that further cuts were on the horizon.

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Anniek Bao

@in/anniek-yunxin-bao-460a48107/@anniekbyx

Key Points

• The Bank of Japan kept its benchmark interest rate steady at around 0.25% — the highest rate since 2008 — at the conclusion of a two-day meeting Friday. 
• Japan’s core consumer prices index in August climbed 2.8% year on year, in line with Reuters estimates, versus a 2.7% rise in the previous month.
• China also kept its key lending rates steady, with the one-year loan prime rate at 3.35% and the five-year LPR at 3.85%. 

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Anniek Bao

@in/anniek-yunxin-bao-460a48107/@anniekbyx

Key Points

• In lockstep with the Fed, the Hong Kong Monetary Authority cut its interest rate by 50 basis points to 5.25%, as the city’s currency is pegged to the greenback.
• The Bank of Japan has kicked off a two-day meeting ending Friday, where the central bankers will make a key rate decision, after it ended the decades-long ultralow interest rates earlier this year.
• New Zealand’s GDP for the second quarter contracted by 0.2% from the previous quarter, according to the official data released Thursday morning, less than Reuters poll estimates of a 0.4% decline.

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