📆 Thursday, June 13
► European stocks relinquished gains following Wednesday's positive momentum from softer US inflation data, as the Federal Reserve's more hawkish stance on interest rates dampened sentiment. The Stoxx 600 dipped 0.5%, erasing some of its biggest advance in more than a month. European bonds fell after the MSCI excluded the bloc’s debt from key sovereign indexes.
► US markets closed at record highs yesterday, with the S&P 500 and Nasdaq 100 pointing higher. The Federal Reserve's revised forecast of only one 25 basis-point interest rate cut caused turbulence on the market. In after-hours, the Nasdaq and S&P 500 rose further following Broadcom's strong earnings report. Tesla also rose in after-hours / pre-market trading up to 7% after Elon Musk said late on Wednesday that Tesla shareholders are set to approve his controversial $56 billion pay package and a resolution to move the electric carmaker’s incorporation to Texas. The previous dot plot suggest a potential of three rate cuts in 2024. However, the market is still pricing in nearly two 25 basis-point rate cuts by year-end, reflecting ongoing uncertainties in monetary policy and following yesterday's significantly cooler-than-expected US CPI data. The USD strengthened slightly with Treasury yields remaining steady for now after another sharp decline yesterday.
Subscribe to see more
