July 16th Morning Report

Tuesday 16th July 2024

US markets closed higher on Monday, building on Friday's rally as increasing expectations of a second Donald Trump presidency in the wake of a failed assassination attempt raised hopes of a looser regulatory environment. The growing probability that the US Federal Reserve will begin cutting its key interest rate as soon as September also helped feed risk appetite.

The Dow Jones Industrial Average closed up 0.53%, while the S&P 500 and Nasdaq Composite were up 0.28% and 0.40% respectively.

Other key markets ended mixed. European stocks closed as follows: the FTSE100 (-0.85%), the Dax 30 (-0.84%), CAC 40 (-1.19%) and the STOXX (-1.19%). In Asia, the Hang Seng and Shanghai indices closed higher. The key Asian indices ended yesterday as follows: Nikkei 225(-2.45%), HSI (-1.52%) and the Shanghai Composite (+0.091%).

The yield on the US 10 - year note was at 4.23%, while the 2 - year note was at 4.457%. Oil was up to $81.89 per barrel, down 0.39%. The gold price was at US$2426.40 per ounce, up 0.24%.