Thursday 23rd September 2021 |
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U.S. stock markets had a strong positive day despite the Federal Reserve signalling that asset tapering would likely start later this year, if the U.S. economy progresses as expected. It also signalled that there would be one interest rate rise in 2022.and likely three rises in 2023. The Dow Jones Industrial Average closed 1% higher, while the S&P 500 index and the Nasdaq Composite index rose 0.95% and 1.02%, respectively. The Fed's decision announcement came hours after Evergrande negotiated a deal to settle interest payments, soothing contagion concerns for now. The Fed's decision announcement came hours after Evergrande negotiated a deal to settle interest payments, soothing contagion concerns. The yield on the 10-year note ticked up 1 basis point to 1.33%.
Other key overseas markets were mostly higher, with European exchanges rallying, with Britain’s FTSE 100 rising 1.47%, France’s CAC 40 and Germany’s DAX 30 up respectively 1.29% and 1.03%. In Asia Hong Kong’s Hang Seng index was closed for holiday, while China’s Shanghai Composite rose 0.4% while Japan’s Nikkei 225 fell 0.67%.
In commodities, West Texas Intermediate crude oil surged $1.74 to $72.23 a barrel and gold edged up 70 cents to $1,776.70 an ounce.
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