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Global Stocks Steady Ahead of US Jobs Data Amid Fed Rate Cut Speculation

Business 360 by Business 360
April 4, 2024
in Uncategorized
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European stock futures showed stability on Thursday following gains in Asian markets, as investors awaited key US jobs data and digested comments from Federal Reserve Chair Jerome Powell hinting at potential rate cuts.

The Euro Stoxx 50 contract remained flat, while US peers experienced slight gains. Across Asia, equity benchmarks rose, with the Topix index in Japan surging as much as 1.7%, marking its best day in approximately two weeks. However, markets in Hong Kong, mainland China, and Taiwan were closed for a holiday.

Rajat Agarwal, Asia equity strategist at Societe Generale, expressed optimism about Asian markets, stating, “There is very little doubt that the Fed will cut rates. The growth downtrend is coming to an end in Asia, while earnings momentum is picking up.”

The recent retreat of the dollar has also alleviated pressure on Asian equities, which had been seeking a clear direction after recording their strongest first quarter performance since 2019. A gauge for the greenback stabilized after witnessing its largest decline in nearly four weeks on Wednesday, as price pressures in the US services industry showed signs of easing.

Federal Reserve Chair Powell reiterated the central bank’s cautious stance, indicating that they would adopt a wait-and-see approach before considering any reductions in borrowing costs.

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