Global markets begin Monday’s session with notable gains as inflationary burdens fade
Date
9/24/2024 4:54:29 AM
(MENAFN) Global markets started the new week with notable gains, as inflationary burdens seem to be fading, despite fears around a possible recession keep on blurring financial outlooks around the world.
Analysts expect that the US Federal Reserve is going to reduce interest rates by 75 basis points ahead of the year’s end. Nevertheless, market instability may surge based on next macroeconomic data announcements.
The US 10-Year Treasury Futures yield reaches 3.75 percent, whereas the US Dollar index started Monday’s session at 100.8.
Gold maintained its groundbreaking streak, with the price per ounce hitting a record high of USD2,631. It is presently exchanging at USD2,623.54, which marks a 0.2 percent increase from its earlier session closing.
Additionally, Brent crude oil rates experienced a surge, rising by 0.4 percent to reach USD74.3 per barrel, driven by hopes of a soft financial landing.
On Friday, the Dow Jones soared 0.09 percent, while the S&P 500 fell 0.19 percent, and the Nasdaq dipped 0.36 percent. US index futures began Monday trading on a positive note.
As for Europe, recession concerns persist, but markets are getting confidence that central banks, especially the European Central Bank (ECB), have more possibility to maneuver after the Fed’s recent 50-basis-point rate reduction.
The ECB is anticipated to lower interest rates at least one more time before the end of the year. European shares demonstrated a sales-dominant results on Friday’s session, with the DAX 40 declining 1.49 percent, the CAC 40 1.51 percent, the FTSE 100 1.19 percent, and the FTSE MIB 0.83 percent.
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