A look at the day ahead in U.S. and global markets from Mike Dolan
hit new 14-month highs on Friday before a late retreat and futures continued the consolidation on Tuesday, marginally in red along with overseas bourses.
The main macroeconomic news overnight was a rather underwhelming Chinese rate cut that seemed to disappoint the local stock and currency markets, both of which fell. The People's Bank of China cut two benchmark lending rates - its one-year and five-year loan prime rates - by 10 basis points each. The prime rate cuts, the first in 10 months, followed similar easing in other money rates last week but were less aggressive than some had hoped - with 50% of respondents to a Reuters poll forecasting a 15-bps cut to the five-year rate.
While some now doubt whether China is prepared for another mega monetary or fiscal stimulus to support its spluttering post-COVID recovery, the rate moves do stand in contrast to ongoing Western credit tightening and come alongside some thaw in Beijing's relations with Washington.welcomed "progress" on easing bilateral tensions after shaking hands with U.S.
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