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Dovish Federal Reserve comments lift global equities

Dovish Federal Reserve statements as Chairman Powell indicated there would be a pause in interest rate hikes and the central bank could afford to be ‘patient’, boosted investors risk appetite last week. Chinese pledge to buy more American goods as US-Sino tow-day talks ended with President Trump tweeting negotiations will result in a very big deal after he meets his friend President Xi Jinping, also supported global markets. The S&P 500 rebounded 1.6% while the ICE US dollar index lost 0.2%.

All major global stock indexes advanced. Britain’s stock market erased pervious week’s steep loss as the UK parliament ruled out a ‘no-deal’ Brexit: FTSE 100 jumped 3.1%. Half of the six major currencies reversed previous week’s dynamics against the US dollar while the range of fluctuations narrowed. The Canadian dollar was the leader in terms of percentage change: it gained 1.1% against the US dollar.

Google, Twitter, Disney, Philip Morris, BNP Paribas and Societe Generale are among major companies reporting corporate results this week as Asian markets will be closed for part or all of the week for Lunar New Year holidays. And central banks of Australia and England will announce interest rate decisions on Tuesday and Thursday, no changes in rates are expected.

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