US FED president - Powell - made a speech at the annual meeting of central banks at Jackson Hole. Commented that interest rates will be "higher for longer" and that there is scope for further rises.
There was a different response to these statements in Europe and the US. Suspect that the US markets had already factored these comments into expectations.
European markets were muted in the response. Markets barely moved (though all marginally in positive territory).
In the US, the DOW rose 247 points, the NASDAQ Biotech Index rose 24 points, the NASDAQ Composite rose 126 points and the Russell small cap index rose 7 points.
Commentary out of the US are saying that the US FED speech could point to a "hard landing" and could point to the end of the US market rally.
Not sure the rises in the US market overnight would support that though. Have to see whether it can be sustained.
Anyway, the ASX may take the US lead and stage a small recovery on Monday.
Why IMU is a multi multi bagger, page-15425
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