DAX Gains Ahead Of Powell's Speech
(RTTNews) - German stocks rose modestly on Friday as investors awaited Fed Chair Jerome Powell's Jackson Hole speech later in the day for confirmation U.S. rate cuts would start in September.
With a recession looming large on the economy and inflationary pressures abating, markets currently expect the U.S. Federal Reserve to deliver three quarter-point rate cuts at each of the remaining three meetings of 2024.
The benchmark DAX was up 71 points, or 0.4 percent, at 18,564 after closing up 0.2 percent in the previous session.
Chipmaker Infineon Technologies fell 1.2 percent after it agreed to pay 753.5 million euros ($837.21 million) to settle a long-pending legal dispute with Qimonda AG's insolvency administrator.
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NZ Dollar Slides Against Most Majors
The New Zealand dollar weakened against its most major counterparts in the New York session on Thursday.
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Swiss Market Closes Modestly Higher
The Switzerland market closed modestly higher on Thursday, staying positive right through the day's session, amid hopes global central banks will reduce interest rates further to boost growth.
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Major European Markets Close Slightly Higher
The major European markets closed slightly higher on Thursday with investors reacting positively to some quarterly earnings updates from a few major European and U.S. companies, and dovish comments from Bank of England Governor Andrew Bailey.
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Canadian Dollar Declines Against Most Majors
The Canadian dollar dropped against its most major counterparts in the New York session on Thursday.
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U.S. New Home Sales Surge More Than Expected To Highest Level In Over A Year
New home sales in the U.S. rebounded by much more than expected in the month of September, according to a report released by the Commerce Department on Thursday. The Commerce Department said new home sales surged by 4.1 percent to an annual rate of 738,000 in September after tumbling by 2.3 percent to a revised rate of 709,000 in August.
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Unilever Stock Up On Q3 Underlying Sales Growth, Outlook
Shares of Unilever Plc were gaining around 3 percent in the Amsterdam trading as well as on the NYSE on Thursday after the consumer goods major reported higher underlying sales growth in its third quarter, and maintained its fiscal 2024 growth forecast. The third-quarter sales, on a reported basis, remained flat.
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Intel Wins EU Court Battle As EUR 1.06 Bln Fine Annulled
Intel Corp. has won a long-running court battle in the European Union, where the Court of Justice, Europe's top court, upheld the annulment by the General Court of a 1.06 billion euros fine imposed by the Commission on the chipmaker. The European regulator had alleged an abuse of a dominant position on the part of Intel.
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U.S. Weekly Jobless Claims Unexpectedly See Further Downside
After reporting an unexpected pullback by first-time claims for U.S. unemployment benefits in the previous week, the Labor Department released a report on Thursday showing initial jobless claims saw further downside in the week ended October 19th. The report said initial jobless claims fell to 227,000, a decrease of 15,000 from the previous week's revised level of 242,000.
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