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Hopes Of A Dovish Fed Triggers Market Rebound

stock oct28 26oct22 lt

Hopes of a Fed pivot shaped world market sentiment on Wednesday, driving stocks, commodities and cryptos higher. The Dollar retreated amidst view that the Fed would have to slow down the pause of rate hikes. Positive earnings updates also helped shore up sentiment.

Asian stocks rallied. European benchmarks are also mostly higher. Wall Street, however, appears set to open with mild losses.

The hopes of a softer Fed as well as markets pricing in a 75-basis points rate hike by the ECB, lifted the Euro to parity to the Dollar. DXY is now close to 110 levels. Bond yields eased across regions, except in the U.K. where it rose. Gold rallied more than a percent amidst the Dollar's weakness. Supply worries drove crude oil prices higher. Cryptocurrencies rebounded emphatically.

Here is a snapshot of the world markets at this hour across stocks, currencies, bonds, commodities and cryptocurrencies.

Stock Indexes:

DJIA (US30) at 31,823.0, down 0.04%
S&P 500 (US500) at 3,834.20, down 0.65%
Germany's DAX at 13,124.00, up 0.54%
U.K.'s FTSE 100 at 6,992.21, down 0.30%
France's CAC 40 at 6,264.18, up 0.22%
Euro Stoxx 50 at 3,585.05, down 0.01%
Japan's Nikkei 225 at 27,431.84, up 0.67%
Australia's S&P ASX 200 at 6,810.90, up 0.18%
China's Shanghai Composite at 2,999.50, up 0.78%
Hong Kong's Hang Seng at 15,296.00, up 0.86%

Currencies:

EURUSD at 1.0034, up 0.71%
GBPUSD at 1.1586, up 1.04%
USDJPY at 147.06, down 0.58%
AUDUSD at 0.6491, up 1.51%
USDCAD at 1.3525, down 0.60%
Dollar Index at 110.19, down 0.68%

Ten-Year Govt Bond Yields:

U.S. at 4.034%, down 1.85%
Germany at 2.1510%, down 0.74%
France at 2.685%, down 0.30%
U.K. at 3.6425%, up 0.32%
Japan at 0.246%, down 3.73%

Commodities:

Crude Oil WTI Futures (Dec) at $85.73, up 0.48%
Brent Oil Futures (Jan) at $91.83, up 0.10%
Gold Futures (Dec) at $1,677.45, up 1.17%

Cryptocurrencies:

Bitcoin at $20,327.48, up 5.32%
Ethereum at $1,514.93, up 12.61%
BNB at $287.08, up 5.04%
XRP at $0.4625, up 3.65%
Cardano at $0.4014, up 11.27%

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