Crude oil prices were a touch higher, but still negative year-on-year and U.S. Gains against sterling GBP= aside, the dollar. consumer confidence readings for December will be watched closely later today, but housing market readouts this week have been upbeat. stock futures took a bit of a breather and stepped back from latest peaks early on Wednesday.Ĭooling the mood was a profit miss from global delivery firm FedEx FDX.N, whose shares dropped almost 10% after the bell on Tuesday after it cut full-year revenue forecasts as its largest Express business saw demand from the U.S. MIWD00000PUS powered to its best levels since March last year, U.S. Italian equivalents IT10YT=RR plunged to their lowest of the year, with the premium over Germany shrinking to its narrowest since June.Įven though MSCI's all-country stock index. traders eyeing a 20-year Treasury auction later in the day, the bond boom filtered around the globe - with 10-year German bund yields DE10YT=RR sinking below 2% for the first time since March. Knocking sterling GBP= back in the process, UK money markets shifted to price the first BoE rate cut as soon as March and two quarter-point cuts by midyear. FTSE jumped 1% on news annual UK consumer price inflation dropped to 3.9% from October's 4.6% - below all forecasts and the Bank of England's expectation that CPI would be only just below 4.5% at the end of the year. Ten-year gilt yields GB10YT=RR plumbed their lowest since April at 3.51% and the FTSE100. Treasury yields US10YT=RR fell to their lowest since July at 3.8830% early on Wednesday - spurred in large part by a surge in British markets on a surprisingly sharp drop in UK inflation last month. With 2024 rate cut euphoria filling the pre-Christmas air, 10-year U.S. NDX - up more than 50% this year - clocked a new record and the vanguard of megacap tech giants. SPX crept to within 1% of all-time highs on Tuesday and tracking its best quarter since 2020, the Nasdaq 100.
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