As a surge spurred by Donald Trump’s spending plans for artificial intelligence infrastructure cooled off as apprehension about the potential next trade actions of the newly elected US president set in, global equities steadied Thursday.
In the most recent week, the number of Americans applying for unemployment benefits increased somewhat more than anticipated, according to weekly data, which hurt the dollar and boosted stocks.
What Trump intends to do about tariffs is currently the main determinant for markets. Price action was more muted than at the beginning of the week, and there was currently no new information. It’s early days, of course… According to Guy Miller, chief markets strategist at Zurich Insurance Group, there haven’t been any surprises thus far.
Most of what we witnessed was expected; if anything, some restraint was displayed. Accordingly, it has enabled the financial markets to reprice somewhat, which has caused bond yields to rise once more and riskier assets to rise, he said.
US 10-year Treasury rates were up 3.4 basis points at 4.633%, below last week’s 14-month high of 4.809%, while US stock index futures were down 0.2-0.5%, suggesting a somewhat lower opening on Wall Street later.
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