Issue link: https://maltatoday.uberflip.com/i/1511181
SYMBOL LAST CHANGE % HIGH LOW DOW JONES – US 33,561.80 -56.88 -0.17% 33,656.40 33,509.70 NASDAQ – US 12,179.50 +0.00 +0.00% 12,216.10 12,174.10 S&P 500 – US 4,119.17 -18.95 -0.46% 4,130.35 4,116.65 RUSSELL 2000 – US 1,749.68 -4.79 -0.27% 1,756.09 1,737.70 S&P TSX – CANADA 20,585.70 +0.58 +0.00% 20,599.00 20,455.50 IPC – MEXICO 55,452.70 +419.61 +0.76% 55,497.80 54,899.40 FTSE – UK 7,750.80 -13.29 -0.17% 7,778.98 7,750.37 CAC 40 – FRANCE 7,373.77 -23.40 -0.32% 7,416.32 7,373.20 DAX 40 – GERMANY 15,886.20 -69.32 -0.43% 15,980.80 15,884.00 FTSE MIB – ITALY 27,325.70 -57.80 -0.21% 27,476.40 27,324.70 MICEX – RUSSIA 2,524.31 -3.28 -0.13% 2,535.03 2,483.79 NIKKEI 225 – JAPAN 29,122.20 -120.64 -0.41% 29,195.20 29,070.10 SHANGHAI COMPOSITE – CHINA 3,319.15 -38.52 -1.15% 3,349.72 3,305.25 HANG SENG – HONG KONG 19,776.90 -90.64 -0.46% 19,880.00 19,696.60 NIFTY 50 – INDIA 18,249.10 -16.90 -0.09% 18,323.20 18,211.90 KOSPI – KOREA 2,496.51 -13.55 -0.54% 2,510.13 2,488.42 9.11.2023 7 MARKETS International Markets Global Indices Trading Date: 8 November 2023 FTSE 100 Daily Price Chart DAX 40 Daily Price Chart THE U.S. dollar continued recovering against all the other major currencies on Tuesday as several Fed offi- cials reminded investors that the door to further hikes remained open. Fed Governor Christopher Waller said yesterday that the 4.9% GDP growth rate for Q3 was a "blowout" per- formance that deserves watching closely, while Gov- ernor Bowman said she took the number as evidence the economy did not only "remained strong," but that it may have gained speed as well. Although Waller did not specifically refer to whether additional hikes are needed or not, Bowman said that the growing economy may indeed require a higher pol- icy rate. Chicago Fed President Goolsbee and Minneapolis Fed President Kashkari repeated that the rise in mar- ket-based interest rates likely represents a tightening of financial conditions, but neither ruled out additional hikes. Yet, despite the recovery in the dollar, investors were not largely convinced that another hike may be on the table. This is evident by the fact that in contrast to the dol- lar, the 10-year Treasury yield slid yesterday, and by the implied path derived by Fed funds futures, there is only around a 15% probability for one more quarter-point rate rise and around 90bps worth of rate cuts by the end of 2024. The slide in the yields may have been due to a solid auction of $48bn in 3-year notes with auctions of the 10- and 30-year bonds due out later this week. What prompted investors to add to their cut bets was Friday's disappointing US employment report, but looking at the broader economic performance, there is nothing justifying so many basis points worth of rate reductions. Therefore, should US growth-related data continue to point to a resilient economy, there is ample room for upside adjustment and a further recovery in the US dollar. Today, although there is no top-tier US data, the spot- light is likely to fall on a speech by Fed Chair Jerome Powell. If he echoes his colleagues' remarks that following the stellar economic performance in the third quarter, the chance for higher rates remains firmly on the table, or if he highlights the 'higher for longer' mantra, the dollar is likely to extend its gains. Wall Street ended Tuesday's session in the green, with Nasdaq recording the most gains, as the pullback in Treasury yields may have helped high-growth mega cap stocks that are usually valued by discounting free cash flows for the quarters and years ahead. This suggests that only dollar traders took remarks by Fed officials seriously, and it remains to be seen wheth- er Powell will be able to lift yields today, something that could prove negative for stocks. Euro-Dollar extends retreat on Fed commentary