US Market Open: Sentiment lifted after China’s flurry of stimulus efforts
24/09/2024
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- European bourses are entirely in the green, with US futures also modestly firmer with sentiment lifted after China’s flurry of stimulus efforts
- PBoC Governor Pan announced to cut RRR by 50bps which will provide CNY 1tln worth of long-term capital and cut the 7-day reverse repo rate by 20bps to 1.50%, while he said they will guide LPRs lower and reduce the mortgage rate for existing mortgages
- Dollar is softer, EUR gains despite poor German Ifo data & JPY underperforms; AUD fails to benefit from the Chinese stimulus efforts and despite a hawkish hold, but with Governor Bullock noting that a hike was not discussed at the meeting
- Bonds hold a bearish bias given the risk tone; Bunds were unreactive to the German Ifo
- Crude and base metals are firmer benefiting from the raft of Chinese stimulus announcements
- Looking ahead, US Richmond Fed Index, NBH Policy Announcement, Speakers including Fed's Bowman & BoC's Macklem, Supply from the US, Earnings from Autozone
Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk
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