Stocks & Gold Set New Records in Run-Up to Fed Meet – Asia Market Wrap
Stocks extended their record-breaking rally and gold climbed to a new high as investors bet on an interest-rate cut by the Fed this week.
The MSCI All Country World Index climbed 0.1% in its 10th day of gains, set for the longest winning run in more than four years. Asian shares advanced 0.7% to a record and are poised for their best streak in nearly five years. Contracts for the S&P 500 edged up 0.1% after the gauge closed at its highest ever. Futures for European stocks also edged up.
Meanwhile, Trump said he would speak with Chinese leader Xi on Friday as US and Chinese officials reached a framework deal on keeping the TikTok app running in the US. Oracle is among a consortium of firms that would enable TikTok to continue operations in the US if a framework deal is finalized, CBS News reported.
Gold rose to a new record while a gauge of the Dollar edged lower for a second day. Treasuries steadied as investors awaited Tuesday’s US retail sales data. The Yen gained against the Dollar, in part due to the entry of Japan’s Agriculture Minister Koizumi into the leadership race of the ruling LDP.
In European news, Trump expects to announce economic deals totaling more than $10 billion during his trip this week to the UK. France’s central bank trimmed its economic outlook for the next two years, warning of downside risks from budget uncertainty following another government collapse.
