Monday, 17 December, 2018

Dow up 600 points as Fed chief says interest rates near neutral

NEW YORK NY- NOVEMBER 30 A man dressed as Santa Claus visits the floor of the New York Stock Exchange ahead of the closing bell Dow Soars 600 Points as Investors Welcome Fed Retreat Drew Angerer Getty Images28 Nov 2018
Rhonda Young | 02 December, 2018, 04:29

In Europe, stock gains were driven by the tech, mining and autos sectors, which were worst hit by recent losses.

Trump said on Thursday there was "a long way to go" on tariffs with China and urged companies to build products in the United States to avoid them.

US stocks had opened lower amid jitters over U.S.

The market is closely watching a meeting between Trump and Chinese leader Xi Jinping at the G20 summit on Saturday at which the leaders are expected to discuss trade.

"Powell's comments suggest that 2019 may be more of a wait-and-see approach and the assumption of any hikes may be premature", said Tai Wong, head of metals trading at BMO.

Newcastle vs. West Ham live stream
Perez had one header saved, put another over Lukasz Fabianski's goal and also shot wide before the break. Newcastle United are set to protest against owner Mike Ashley ahead of a clash against West Ham United .

"Interest rates are still low by historical standards, and they remain just below the broad range of estimates of the level that would be neutral for the economy - that is, neither speeding up nor slowing down growth", Powell said during a speech at the Economic Club of NY. "Not even a little bit", Trump said, using Powell's nickname. "That being said, given the headwinds out there I can't see it being sustained", said Gary Waite, portfolio manager at Walker Crips in London.

U.S. gold futures settled up $10.20, or 0.8 percent, at $1,223.60.

And he repeated the view that the Fed's policy rate - at 2.25 percent - is "just below" the estimate of neutral, a rate that neither stimulates nor restrains the economy.

The Shanghai Composite Index edged up 0.2 percent, Australian stocks gained 0.5 percent and Japan's Nikkei climbed 0.9 percent. The spread between 3-year and 5-year Treasury yields at one stage on Friday shrank to less than a basis point, the smallest gap in more than a decade, and a range of strategists continue to predict that the curve will invert.

USA crude oil futures CLc1 settled at $51.45 per barrel, up $1.16 or 2.31 percent.

House Democratic priorities in new Congress: Trump tax returns and tackling corruption
Ryan added that Republicans were "massively outspent" in congressional races in California that the party should have won. In the most populous state in the nation - and the state with the largest number of registered voters - this takes time.

Italy's yield spread over Germany - effectively the premium investors require to hold Italian risk - tightened to 290 bps.

The US dollar weakened 0.07 per cent versus the yen, which changed hands at 113.41 at 0350 GMT. The pound even managed to strengthen despite warnings about the dire consequences of a no-deal Brexit from the Bank of England.

In commodities, oil prices rose after sources said Russian Federation had accepted the need for cuts in production together with OPEC.

The MSCI Emerging Markets Index rose 1.4 percent. It has slumped 21 percent this month, during which it fell to a 13-month trough of US$58.41.

Tensions over trade, the turbulent Brexit discussions and trouble in China and emerging markets could rock a U.S. financial system where asset prices are "elevated" and business credit quality may be "deteriorating", the Federal Reserve said in a first-ever report devoted to financial stability.

First look of DeepVeer for the Mumbai reception
They then arrived back in Mumbai where Ranveer's sister Ritika Bhavani threw a dance party on November 24 for the new couple. The couple kept very tight security around the wedding venue and shared the first pictures on the second day of the wedding.

The dollar index, tracking it against a basket of six major currencies, fell 0.01 percent, with the euro up 0.22 percent to $1.1391.

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