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Shares Slip in Asia as Oil Climbs, Rate Hikes Loom
- On Thursday, major U.S. stock indexes opened higher as retreating oil prices and lower Treasury yields boosted sentiment, with the Federal Reserve's first rate hike under Chair Kevin Warsh reassuring investors of its inflation commitment.
- Stocks rebounded Thursday, partially reversing Wednesday's losses that followed the Fed's decision to raise the federal funds rate; the Dow Jones Industrial Average shed more than 630 points, or 1.2%, in the prior session.
- Technology stocks led the gains, with Nvidia and Amazon climbing 2% and Microsoft rising 1%, while Applied Materials, Qualcomm, and Intel advanced alongside Caterpillar, which moved up more than 2% outside the sector.
- After pushing past the 5% level earlier, the 10-year Treasury yield retreated to 4.949%, a decline of more than 5 basis points, while Brent crude settled around $102 per barrel as markets adjusted to Saudi pipeline news.
- UBS Global Wealth Management chief investment officer Mark Haefele expects the rally to broaden if credit spreads remain stable, recommending diversified equity exposure while avoiding excessive concentration in interest-rate-sensitive areas.
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European and Japanese equities rose today Thursday, supported by falling oil prices and a stoppage in the sale of bonds, while investors await central bank decisions on interest rates.
The Western European stock indices have completed the growth environment.
Coverage Details
Total News Sources181
Leaning Left16Leaning Right28Center34Last UpdatedBias Distribution44% Center
Bias Distribution
- 44% of the sources are Center
44% Center
L 20%
C 44%
R 36%
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