The Fort Worth Press - Stocks advance after Powell rekindles rate cut hopes

USD -
AED 3.673042
AFN 70.642244
ALL 92.090162
AMD 387.733554
ANG 1.801038
AOA 872.635041
ARS 924.134417
AUD 1.495886
AWG 1.8
AZN 1.70397
BAM 1.795712
BBD 2.01772
BDT 117.421843
BGN 1.79863
BHD 0.376624
BIF 2878.299591
BMD 1
BND 1.344259
BOB 6.905385
BRL 5.600504
BSD 0.999311
BTN 83.605013
BWP 13.532571
BYN 3.27044
BYR 19600
BZD 2.014323
CAD 1.37715
CDF 2830.000362
CHF 0.888794
CLF 0.03413
CLP 941.752743
CNY 7.270395
CNH 7.285695
COP 4046.274618
CRC 524.353854
CUC 1
CUP 26.5
CVE 101.239499
CZK 23.180504
DJF 177.927742
DKK 6.855904
DOP 59.165404
DZD 134.516825
EGP 48.216499
ERN 15
ETB 57.287059
EUR 0.91805
FJD 2.235704
FKP 0.77056
GBP 0.774144
GEL 2.71504
GGP 0.77056
GHS 15.419364
GIP 0.77056
GMD 67.803851
GNF 8602.12092
GTQ 7.764771
GYD 209.071294
HKD 7.81075
HNL 24.750494
HRK 6.90795
HTG 131.910205
HUF 359.030388
IDR 16213.05
ILS 3.645304
IMP 0.77056
INR 83.72985
IQD 1309.094248
IRR 42092.503816
ISK 137.570386
JEP 0.77056
JMD 156.167654
JOD 0.708704
JPY 157.48504
KES 128.412064
KGS 84.642704
KHR 4105.954184
KMF 452.750384
KPW 900.00035
KRW 1389.803789
KWD 0.30582
KYD 0.832759
KZT 476.114401
LAK 22160.400312
LBP 89490.428316
LKR 303.401735
LRD 195.023642
LSL 18.32989
LTL 2.95274
LVL 0.60489
LYD 4.819355
MAD 9.846853
MDL 17.688105
MGA 4501.675619
MKD 56.567048
MMK 3247.960992
MNT 3450.000346
MOP 8.038011
MRU 39.433503
MUR 46.670378
MVR 15.350378
MWK 1732.819171
MXN 18.063904
MYR 4.687504
MZN 63.899991
NAD 18.32989
NGN 1605.503725
NIO 36.780976
NOK 10.923104
NPR 133.767617
NZD 1.662649
OMR 0.384639
PAB 0.999311
PEN 3.742001
PGK 3.914061
PHP 58.398038
PKR 277.914888
PLN 3.938426
PYG 7556.351283
QAR 3.647248
RON 4.566404
RSD 107.469678
RUB 87.866685
RWF 1309.369692
SAR 3.750859
SBD 8.457605
SCR 14.112038
SDG 586.000339
SEK 10.67998
SGD 1.345038
SHP 0.77056
SLE 22.847303
SLL 20969.503664
SOS 571.087545
SRD 29.708038
STD 20697.981008
SVC 8.744434
SYP 2512.53037
SZL 18.333563
THB 36.362038
TJS 10.627921
TMT 3.51
TND 3.098104
TOP 2.363104
TRY 33.028038
TTD 6.786944
TWD 32.795804
TZS 2683.193316
UAH 41.463618
UGX 3692.787954
UYU 40.269935
UZS 12592.38856
VEF 3622552.534434
VES 36.560996
VND 25327.5
VUV 118.722038
WST 2.803608
XAF 602.265069
XAG 0.034225
XAU 0.000417
XCD 2.70255
XDR 0.753799
XOF 602.265069
XPF 109.498233
YER 250.350363
ZAR 18.27755
ZMK 9001.203587
ZMW 25.507965
ZWL 321.999592
  • RBGPF

    56.4600

    56.46

    +100%

  • NGG

    0.8400

    61.79

    +1.36%

  • BCC

    -1.2600

    130.84

    -0.96%

  • CMSC

    0.0160

    24.31

    +0.07%

  • VOD

    -0.0500

    9.04

    -0.55%

  • GSK

    -0.0100

    39.35

    -0.03%

  • RELX

    -0.0700

    45.01

    -0.16%

  • RIO

    -0.5900

    63.78

    -0.93%

  • SCS

    -0.1600

    13.54

    -1.18%

  • RYCEF

    -0.0250

    5.785

    -0.43%

  • CMSD

    -0.0200

    24.45

    -0.08%

  • BCE

    -0.1200

    33.21

    -0.36%

  • JRI

    0.1400

    12.42

    +1.13%

  • AZN

    0.6500

    78.71

    +0.83%

  • BP

    -0.2100

    35.38

    -0.59%

  • BTI

    0.1600

    33.2

    +0.48%

Stocks advance after Powell rekindles rate cut hopes
Stocks advance after Powell rekindles rate cut hopes / Photo: © GETTY IMAGES NORTH AMERICA/AFP

Stocks advance after Powell rekindles rate cut hopes

European and US equities mostly pushed higher on Wednesday, with Wall Street striking fresh records, as comments by US Federal Reserve chief Jerome Powell rekindled hopes of interest-rate cuts later this year.

Text size:

At the opening bell, the S&P 500 and Nasdaq Composite both advanced to set new intraday record highs. The Dow traded flat.

London, Frankfurt and Paris also rebounded from recent losses sparked by French post-election uncertainty.

Traders shrugged off a mixed Asian showing and awaited further comments from Powell.

The dollar traded mixed.

Although his semi-annual Senate testimony on Tuesday did not indicate when Fed interest-rate cuts may come, analysts are predicting the first in September and a second before year's end.

"Powell placed emphasis on needing 'greater confidence' that inflation was moving back towards target but also acknowledged the risk of leaving interest rates high for too long, pointing to cooling labour market conditions and the risk of unduly weakening economic activity," noted Lindsay James, investment strategist at Quilter Investors.

"The Fed's preferred measure of inflation, core PCE inflation, now providing a more reassuring message, together with the signs of a cooling economy, (means) that investors' expectations of two rate cuts... are reasonable" by the end of the year.

James stressed however that the US central bank would refrain from any move in rates in November, in order to show impartiality close to a US presidential election.

Powell is set to testify before a House committee Wednesday, and investors will also be eyeing US consumer inflation data due Thursday for further insight that price rises are still easing as hoped.

"Thursday's CPI data could be crucial in determining whether the probability of a September rate cut increases further from the current 70 percent," said SPI Asset Management's Stephen Innes.

In Asia on Wednesday, Hong Kong stocks finished in the red after earlier rising more than one percent. Shanghai closed lower, and Sydney, Mumbai and Manila were also down.

But Tokyo stocks advanced with the benchmark Nikkei 225 reaching an all-time high. Seoul was flat, while Taipei, Wellington, Bangkok, Singapore, Jakarta and Kuala Lumpur all rose.

- Key figures around 1330 GMT -

New York - Dow: FLAT at 39,278.75 points

New York - S&P 500: UP 0.2 percent at 5,590.57

New York - Nasdaq Composite: UP 0.5 percent at 18,516.62

London - FTSE 100: UP 0.5 percent at 8,183.98

Paris - CAC 40: UP 0.7 percent at 7,560.86

Frankfurt - DAX: UP 0.7 percent at 18,370.22

EURO STOXX 50: UP 0.8 percent at 4,940.59

Tokyo - Nikkei 225: UP 0.6 percent at 41,831.99 (close)

Hong Kong - Hang Seng Index: DOWN 0.3 percent at 17,471.67 (close)

Shanghai - Composite: DOWN 0.7 percent at 2,939.36 (close)

Euro/dollar: UP at $1.0825 from $1.0819 at 2040 GMT on Tuesday

Pound/dollar: UP at $1.2810 from $1.2790

Dollar/yen: UP at 161.53 yen from 161.29 yen

Euro/pound: DOWN at 84.51 pence from 84.56 pence

West Texas Intermediate: DOWN 0.2 percent at $81.27 per barrel

Brent North Sea Crude: DOWN 0.3 percent at $84.41 per barrel

burs-rl/jm

J.Ayala--TFWP