EconomyLens.com
No Result
View All Result
Saturday, July 19, 2025
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
EconomyLens.com
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
No Result
View All Result
EconomyLens.com
No Result
View All Result
Home Markets

US stocks rise on rate hopes, tax cuts boost UK shares

Andrew Murphy by Andrew Murphy
March 6, 2024
in Markets
Reading Time: 7 mins read
A A
6
19
SHARES
241
VIEWS
Share on FacebookShare on Twitter

Traders await testimony from Federal Reserve chief Jerome Powell for fresh signals about the direction of interest rates. ©AFP

US and European stock markets rose Wednesday as the Federal Reserve left the door open to easing interest rates and the British government announced tax cuts.

Related

Resilient US economy spurs on stock markets

US stocks finish higher as markets gyrate on Powell firing fears

Stocks steady as traders weigh inflation data, trade deal

Markets mixed as traders weigh trade deal, US inflation data

Hong Kong stocks lifted by Nvidia rally on mixed day in Asia

Bitcoin and gold remained just short of setting new record highs.

US stocks have been in a holding pattern this week ahead of Wednesday’s congressional testimony of Fed chief Jerome Powell.

While Powell said in prepared remarks that bringing down inflation was “not assured”, he added that “if the economy evolves broadly as expected, it will likely be appropriate to begin dialing back policy restraint at some point this year.” That was enough to send all the main US indexes higher at the opening, after retreating the past two days.

“The upshot is that we still see the first rate cut coming in June and scope for rates to then be lowered a bit more quickly than markets are pricing in,” said Andrew Hunter, deputy chief US economist at Capital Economics.

Powell could provide more insight into his thinking as he takes questions from lawmakers.

Eurozone stocks advanced though less strongly than US markets as investors eyed Thursday’s monetary policy decision from the European Central Bank.

The ECB is expected to keep its interest rates steady but may give clues about its future intentions.

London equities climbed as finance minister Jeremy Hunt announced a fresh tax cut for millions of workers ahead of a general election expected this year.

“The direct result of Jeremy Hunt’s widespread tax cuts will be higher disposable income, meaning we could see higher GDP growth in the short term,” Mahmoud Alkudsi, senior market strategist at ADSS. “The equity market could rally if we see tangible evidence of these tax cuts boosting consumer spending and GDP growth,” Alkudsi said.

– Bitcoin, gold –

Bitcoin eased somewhat, a day after a record-breaking run, while gold flirted with its record highs.

Bitcoin stood at $66,929 following Tuesday’s record pinnacle of $69,191. The world’s biggest cryptocurrency has soared this week on tight supplies and moves towards making bitcoin investment more accessible.

Among more traditional markets, gold changed hands at $2,140.23 an ounce, just shy of its historic peak of $2,141.79.

The precious metal has rocketed on its status as a haven in times of geopolitical turmoil and elevated inflation, and as markets anticipate US rate cuts, which is weighing on the dollar.

World oil prices gained ground on rising risk appetite and signs of strong US energy demand, dealers said.

– Key figures around 1440 GMT –

London – FTSE 100: UP 0.6 percent at 7,693.15 points

Paris – CAC 40: UP 0.3 percent at 7,958.70

Frankfurt – DAX: UP 0.2 percent at 17,731.62

EURO STOXX 50: UP 0.5 percent at 4,916.47

New York – Dow: UP 0.4 percent at 38,728.96 points

New York – S&P 500: UP 0.6 percent at 5,107.03 points

New York – Nasdaq Composite: UP 0.8 percent at 16,068.91 points

Tokyo – Nikkei 225: FLAT at 40,090.78 (close)

Hong Kong – Hang Seng Index: UP 1.7 percent at 16,438.09 (close)

Shanghai – Composite: DOWN 0.3 percent at 3,039.93 (close)

Euro/dollar: UP at $1.0888 from $1.0860 on Tuesday

Dollar/yen: DOWN at 149.32 yen from 149.97 yen

Pound/dollar: UP at $1.2725 from $1.2707

Euro/pound: UP at 85.55 pence from 85.44 pence

Brent North Sea Crude: UP 1.0 percent at $83.07 per barrel

West Texas Intermediate: UP 1.5 percent at $79.63 per barrel

© 2024 AFP

Tags: Federal Reserveinterest ratesstock markets
Share8Tweet5Share1Pin2Send
Previous Post

Angry Polish farmers protest EU rules, Ukraine farm imports

Next Post

UK govt woos votes with more pre-election tax cuts

Andrew Murphy

Andrew Murphy

Related Posts

Markets

Stocks diverge, as US inflation puts focus on Trump’s tariffs

July 15, 2025
Markets

Stock markets gain, dollar dips before US inflation

July 15, 2025
Markets

Markets rise as China’s economy meets forecasts

July 15, 2025
Markets

Markets rise as China’s economy meets forecasts

July 15, 2025
Markets

Markets shrug off Trump tariff threat against EU

July 14, 2025
Markets

Stocks mostly fall as Trump ramps up tariff threats

July 11, 2025
Next Post

UK govt woos votes with more pre-election tax cuts

Egypt secures extra $5 bn in IMF loans as pound plunges

Stocks rise, gold hits new record on rate cut hopes

Starbucks Middle East franchise cuts jobs amid Gaza war

0 0 votes
Article Rating
Subscribe
Notify of
guest
guest
6 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
  • Trending
  • Comments
  • Latest

New York ruling deals Trump business a major blow

September 30, 2024

Elon Musk’s X fights Australian watchdog over church stabbing posts

April 21, 2024

Women journalists bear the brunt of cyberbullying

April 22, 2024

France probes TotalEnergies over 2021 Mozambique attack

May 6, 2024

Ghanaian finance ministry warns against fallout from anti-LGBTQ law

74

New York ruling deals Trump business a major blow

72

Shady bleaching jabs fuel health fears, scams in W. Africa

71

Stock markets waver, oil prices edge up

65

G20 nations agree central bank independence ‘crucial’

July 19, 2025

Stocks consolidate after bumper week buoyed by resilient US economy

July 19, 2025

What’s in the EU’s two-trillion-euro budget bazooka?

July 18, 2025

Resilient US economy spurs on stock markets

July 18, 2025
EconomyLens Logo

We bring the world economy to you. Get the latest news and insights on the global economy, from trade and finance to technology and innovation.

Pages

  • Home
  • About Us
  • Privacy Policy
  • Contact Us

Categories

  • Business
  • Economy
  • Markets
  • Tech
  • Editorials

Network

  • Coolinarco.com
  • CasualSelf.com
  • Fit.CasualSelf.com
  • Sport.CasualSelf.com
  • SportBeep.com
  • MachinaSphere.com
  • MagnifyPost.com
  • TodayAiNews.com
  • VideosArena.com
© 2025 EconomyLens.com - Top economic news from around the world.
No Result
View All Result
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials

© 2024 EconomyLens.com - Top economic news from around the world.