February 19, 2024
United States:
Stocks Pause Near Record as Traders Await Catalyst: Markets Wrap
Stocks and US equity futures paused as investors awaited fresh catalysts after a week that saw the S&P 500 breach new records and European equities falling just short of that mark.
S&P 500 and Nasdaq 100 futures edged higher, with US cash markets shut for the President’s Day holiday. Earnings from bellwether Nvidia Corp. Wednesday could provide new impetus for equities as investors try to gauge the strength of the global economy.
Europe:
BOE Risks Deepening UK’s Recession, Former Chief Economist Warns
The Bank of England risks deepening the UK’s recession if it doesn’t pivot to interest-rate cuts soon, its former chief economist Andy Haldane warned.
Haldane told Bloomberg’s UK Politics podcast that the central bank’s credibility is under threat and called on it to consider loosening policy to support the economy.
Asia:
China Holds Key Rate Steady as Yuan Limits Room for PBOC Moves
China refrained from cutting a key policy interest rate as its central bank sought to shield the yuan from volatility, underscoring the challenges policymakers face as they try to manage economic risks and pressures from deflation.
The People’s Bank of China held the interest rate on its one-year policy loans at 2.5% on Sunday while injecting a small amount of cash into the financial system, both moves in line with expectations among most economists surveyed by Bloomberg. The decisions came after the yuan slipped to a three-month low in offshore trading last week amid a resurgence in the dollar.
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