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US stocks lead global markets recovery

  • 2019/04/15
  • 2019/04/08
  • 2019/04/01
  • 2019/03/25
  • 2019/03/18
  • 2019/03/04
  • 2019/02/26
  • 2019/02/19
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US equities rebounded last week on a set of positive economic data despite reports a meeting between President Donald Trump and Chinese President Xi Jinping will be delayed until at least April implying US-China trade deal will not be finalized this month. The S&P 500 recovered 2.9% while the ICE US dollar index lost 0.9%.

All six major global stock indexes rebounded, erasing most of previous week’s losses. Nasdaq added the sharpest gain: it jumped 3.8%, led by Apple rally on stock upgrade by Bank of America. All but the Swiss franc out of six major currencies reversed previous week’s dynamics against the US dollar, while the range of fluctuations increased. The British Pound was the leader in terms of percentage change as the UK lawmakers voted to request the EU an extension for March 29 Brexit deadline as they rejected the amended Brexit deal Prime Minister May had reached with the EU. Pound rallied 2.2% against the US dollar.

Three major central banks are meeting this week. The Federal Reserve is expected to leave the benchmark overnight interest rate unchanged in a range of 2.25 percent to 2.50 percent and lower projections for the number of interest rate hikes to just one this year at the conclusion of two-day meeting on Wednesday. The Swiss National Bank and the Bank of England are seen holding their policies steady on Thursday. And the UK parliament will be voting for the Brexit deal sometime in coming three days.

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