May 6, 2024
United States:
Hedge Funds Turn Bullish on Consumer Stocks Ahead of Potential Rate Cuts, Goldman Says
Hedge funds are reversing their bearish stance on consumer stocks as the latest economic data and comments from the Federal Reserve revive bets on interest rate cuts.
After four weeks of selling, hedge funds last week piled into consumer discretionary stocks, which saw the largest net buying during the week ended May 3, according to data compiled by Goldman Sachs Group Inc.’s prime brokerage desk.
Europe:
ECB’s Simkus Expects Three Interest-Rate Cuts This Year
European Central Bank Governing Council member Gediminas Simkus said he sees borrowing costs being reduced three times in 2024 — starting with the planned move in June.
The euro-zone is developing more or less in line with the base case and, barring surprises, there’s room to loosen the ECB’s restrictive monetary-policy stance, the Lithuanian official said Monday.
Asia:
India Central Bank to Make Its Digital Currency Available Offline, Das Says
The Reserve Bank of India is working to make its digital currency available without being dependent on internet access, according to Governor Shaktikanta Das.
“One of the key features of cash is that it works offline,” Das said Monday at an event hosted by Bank for International Settlements. “We are working on making the CBDC transferable in the off line mode also.”
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