U.S. dollar set for worst weekly loss in two months
Global stock markets rose on Friday, after U.S. President Donald Trump’s latest comments were seen as taking a softer stance towards tariffs against China and raised the prospect of lower U.S. interest rates.Trump told business leaders at the World Economic Forum in Davos, Switzerland, on Thursday that he wanted to lower global oil prices, interest rates and taxes.
Those comments sent China’s CSI300 blue chip index up 0.8% and Hong Kong’s Hang Seng index 2% higher. The Australian and New Zealand dollars, as well as the yuan, also rose.European stocks also edged higher during early trading, helped by personal goods stocks as well as Trump’s comments, with the STOXX 600 up 0.3%, Germany’s DAX up 0.4% and France’s CAC 40 up 0.9% on the day.
“This keeps the door open to another 25 basis point hike by the year-end, and rates to sit at a whopping 0.75%.” Treasury yields have been on the rise as bond investors brace for eventual tariffs that may stoke inflation. The U.S. 10-year Treasury yield was at 4.6398% in European trading hours, below last week’s 14-month high of 4.809%.The European Central Bank and the Federal Reserve are due to meet next week as policymakers digest early moves of the Trump administration.
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