The US stock market rose sharply on the 4th, recovering from oversold levels. Global central banks may ease their tightening stance to avoid a hard landing.
The S&P 500 stock index has posted its biggest gains since April 2020 over the past two trading days. The short squeeze (rise) of stocks is a major background factor,Markets were also affected as bulls became more optimistic about policies after weaker US economic indicators such as job openings. Billionaire Elon Musk asks Twitter to go ahead with takeover bidIt turns out that it suggests Twitter shares increased by 22%, while Tesla shares rose.
US job openings hit a 14-month low in August
The S&P 500 rose 3.1% to 3790.93. The Dow Jones Industrial Average rose $825.43, or 2.8%, to $30,316.32. The Nasdaq Composite Index rose 3.3%. As of 4:11 pm New York time, the 10-year Treasury yield fell 1 basis point (bp = 0.01%) to 3.63%.
The debate was heightened on the day that global interest rates could approach their peak. Fawad Razakzada, market analyst at City Index, said: “There is a ‘feeling’ that the market has topped, and it is certainly possible, albeit a small one, but we are in another bull trap here. important not to get stuck.” ,” he said. “We’re still in a bear market right now and this could just be a relief rally,” he said.
The dollar weakened against a wide range of currencies in the foreign exchange market. Reserve Bank of Australia (Central Bank)As speculation about a slowdown in global financial tightening rose due to a surprise, speculation about a rise in US interest rates eased in the short-term financial markets, and the dollar was sold off. The dollar’s decline widened on the back of rising risk asset prices after the release of the US index.
The Bloomberg Dollar Spot Index, which tracks the dollar’s movements against 10 major currencies, fell 1.1%. As of 4:59 pm New York time, the dollar fell 0.3% against the yen to 144.13 yen. The euro rose 1.6% against the dollar to $0.9986 per euro. The Australian dollar fell 1% against the US dollar at one point, but has since pared its decline.
Kit Jacks, chief currency strategist at Societe Generale, said the RBA’s lower-than-expected rate hike was a “temporary slowdown” in monetary tightening, not a “permanent reversal” of policy, he said in an interview with Bloomberg Television.
The New York crude oil market continued to rise. The material is that OPEC Plus, which includes the Organization of the Petroleum Exporting Countries (OPEC) and major non-OPEC oil producers, is considering reducing production quotas by up to 2 million barrels per day. The reduction is twice as much as expected.
OPEC+ considers production quota cuts of up to 2 million barrels per day – CEO (1)
“The increase in potential cuts from 1 million bpd to 2 million bpd suggests a more aggressive approach,” said Stacey Morris, head of energy research at Alerian VettaFi. “It could be a sign of growing concerns about demand and the health of the global economy,” he said.
West Texas Intermediate (WTI) futures for November delivery on the New York Mercantile Exchange (NYMEX) rose $2.89, or 3.5%, to $86.52 a barrel. It closed at a three-week high. December ICE North Sea Brent delivery increased $2.94 to $91.80.
The New York gold market continued to rise. Spot prices climbed above $1,700 an ounce. Poor US economic data has fueled speculation that the Fed may put the brakes on aggressive monetary tightening. Sentiment in the gold market has changed significantly.
“Gold has broken through the $1,700 per ounce milestone once again, which means the break of $1,660-1,700 is a lie,” said Georgette Bouret, analyst at ABN Amro Bank. “They may have hit a low for the time being,” he said.
The spot price was 1.5% higher than the previous day at 3:01 pm New York time. December gold futures on the New York Mercantile Exchange (COMEX) closed at $1,730.50 an ounce, up $28.50, or 1.7%.
Original title:Stock Shorts Fold in the Best Two-Day Rally Since 2020: Wrapping Markets (抜粋）
Greenback Slides Wide as Risk Rally Extends: Inside G-10 （抜粋）
Oil Extends Rally as OPEC+ Mulls Biggest Output Cut Since 2020 (抜粋）
Gold Extends Past $1,700 Gains as US Data Shifts Bad Idea (抜粋）