July 30, 2024
United States:
Stocks Rise Before Fed With Earnings in Full Swing: Markets Wrap
Stocks rose as investors waded through a slew of corporate results and braced for central bank decisions that will be critical in shaping the trajectory of global markets.
After a $2.3-trillion Nasdaq 100 wipeout, investors are eagerly awaiting Microsoft Corp.’s earnings report to see whether the software maker can turn the tide. Traders are increasingly concerned that tech firms aren’t yet seeing returns from heavy investments in artificial intelligence. The results will set the scene for reports from Meta Platforms Inc., Apple Inc. and Amazon.com Inc. later in the week, with investors are also awaiting the Federal Reserve decision on Wednesday.
Europe:
Germany’s Inflation Unexpectedly Quickens in Challenge to ECB
German inflation accelerated in July, evidence that may add to the European Central Bank’s caution as it moves toward further interest-rate cuts.
Consumer prices rose 2.6% from a year earlier in July, up from 2.5% the previous month. Analysts polled by Bloomberg had predicted the pace to remain stable. While energy costs eased less than in June, food price pressures increased and services remained stable.
Asia:
BOJ’s Ueda to Make Big Calls on Rates’ Fate, QT Pace
Bank of Japan Governor Kazuo Ueda will be under intense scrutiny Wednesday when he unveils his plans for quantitative tightening and delivers a decision on the policy interest rate, in actions that may rattle global financial markets.
Some 14 of 48 economists predict the BOJ’s board will raise its rate from the current range of 0 to 0.1%, while almost no one is ruling out the risk of such a move, according to a Bloomberg survey. As for QT, the bank will outline plans to reduce monthly bond buying over a one- to two-year horizon.
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