US Stocks Finish Flat as Yellen Hints at Interest Rate Hike

28 September, 2017, 00:30 | Author: Warren Cooper
  • Tech recovery lifts Wall Street

-Gold declined 1.14 percent to $1,295.85 an ounce.

Ellen Zentner, chief economist at Morgan Stanley, says her biggest takeaway from the Cleveland speech was Yellen's confidence that "a strong US labor market would ultimately drive inflation closer to the Fed's two percent goal over the next few years".

Labour market conditions that are not as tight as official bodies believe could be one of these mistaken assumptions, according to Yellen, so too is the FOMC's estimation of the extent to which changes in employment impact on inflation.

The Fed's preferred gauge of inflation has retreated from the central bank's 2 percent target for much of this year and now stands at 1.4 percent.

The ICE U.S. Dollar Index was up 0.3% on Tuesday to 92.917, putting some pressure on commodities.

Speculators' net short bets on the USA dollar grew in the latest week to the highest total since January 2013.

The greenback is also benefiting from talk that U.S. tax reform announcements are imminent. Investors also are monitoring the ongoing saga of President Donald Trump's domestic policies in an attempt to gauge the chances of meaningful tax reform in the world's biggest economy.

Banks put in a solid performance amid expectations of higher interest rates, with Standard Chartered, Lloyds and RBS among the top gainers, although StanChart was also boosted by an upgrade to "hold" from "sell" at Investec.

Cardinals fan says, 'It's nacho fault' to Cubs player
Tonight's game can be the victor and given how Chicago has been playing, the team's foot is on the proverbial gas pedal. It was his bases-clearing double in the first inning that helped the Cubs jump out to a 4-0 lead in the first frame.

USA stocks finished mixed on Tuesday, as investors digested the latest remarks from Federal Reserve Chairwoman Janet Yellen.

In Europe, the German 10-year government bond took a cue from the USA, rising more than 6 basis points to hit 0.464%. "The impact of a successfully implemented (tax overhaul) plan would be far-reaching with President Trump placing a key focus on bringing back funds from USA firms "parked overseas".

Fed Chair Janet Yellen says that the Fed may have misjudged inflation.

The yen fell 0.6 percent to 112.92 per dollar, close to an 11-week low, and sterling lost 0.3 percent to $1.3420 against the resurgent greenback, picking up from as low as $1.3363.

Cape Town - The rand lost more than 1.5% against the U.S. dollar on Wednesday, breaking through the level of R13.50/$ for the first time in nearly three months as the greenback rallied on rate hike hopes. In Europe, the Stoxx 600 Index was 0.3 percent higher at 5:50 a.m., with S&P 500 futures gaining 0.1 percent.

Weekly data on USA petroleum supplies will be released by Energy Information Administration late Tuesday and arly Wednesday.

-Germany's 10-year yield increased one basis point to 0.406 percent. On the day, WTI crude traded 0.4% lower at $51.64 per barrel, while Brent was 1.1% down at $57.80. The euro fell to $1.1788 from $1.1791.

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