US Futures surges up of Federal Reserve’s rate, Euro also climbs against USD – world market news

Futures on the S&P 500, Nasdaq, and Dow Jones climbed 0.4%, 0.5, and 0.2% respectively in the early hours of trading In Europe, the euro was up 0.8% against the dollar — set for its biggest jump since the start of June — might intervene in the government bond market to close the gap between the borrowing costs of wealthier nations.

market times / pexels
article continues after this advertisement

US stock futures rose Wednesday as investors anticipate the Federal Reserve’s rate decision, while the euro strengthened after the European Central Bank announced it would hold an ad hoc meeting to discuss market conditions.

Futures on the S&P 500, Nasdaq, and Dow Jones climbed 0.4%, 0.5, and 0.2% respectively in the early hours of trading.

Expectations that the Fed will lift the benchmark rate by 75 basis points are on the cards, which would be the largest single rate increase since November 1994.

In Europe, the euro was up 0.8% against the dollar — set for its biggest jump since the start of June — might intervene in the government bond market to close the gap between the borrowing costs of wealthier nations. such as German and France, and the so-called periphery, which includes the likes of Italy, Greece, Spain and Portugal, among others.

Investors are unanimously expecting the Fed to hike interest rates after last week’s inflation data showed consumer prices accelerated in May at their fastest pace since December 1981 on the back of surging food and fuel prices. The US consumer price index rose 8.6%, exceeding economists’ forecasts.

Market Times

Elsewhere in Asia, stocks largely looked positive, with Hong Kong’s Hang Seng rising 1.09% and Shanghai Composite Index increasing 0.5%, while the Nikkei 225 dipped 1.14% The overall gains in China shares follow better-than-expected Chinese economic data, with retail sales falling 6.7% as opposed to the expected 7.1%, per a Reuters report.