European markets were mixed overnight though largely flat. European markets were waiting on the US interest rate decision in the US.
The FTSE rose just 3 points (.048%), the DAX fell by just 3 points (.019%) and the CAC rose 18 points (.26%).
Some disturbing developments in the US stock market and in the US bond markets. Basically, the US markets went into freefall and bond markets surged after Jerome Powells comments. I think we can forget a Santa rally in 2024, and the ASX might dive today. Yesterday's budget deficit announcement may make matters worse.
The DOW fell 1,123 points (2.58%), the NBI fell 179 points (3.99%), the NASDAQ Composite fell 716 points (3.56%) and the Russell small cap index fell 102 points (4.39%).
US Fed cut interest rates by .25%. The real focus was on comments by Jerome Powell which disappointed markets.
Jerome Powell restated that the US Fed will be "more cautious" with future interest rate cuts. Indicated that there would be just two .25% cuts in 2025.
US Fed forecasting PCE in 2025 at between 2.5 and 2.7% in 2025.
US Treasury 10 year bond yield rose strongly to 4.52%
Oil prices fell - Brent crude is at US$72.86 per barrel.
The gold price fell to US$2,594 per oz.
BITCOIN also went in reverse and is now at US$100,455.
Good luck today people.
IMU Price at posting:
3.8¢ Sentiment: Buy Disclosure: Not Held
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