Global Stock Markets In Rally Mode Following US Rate Hike

Global Stock Markets In Rally Mode Following US Rate Hike

"The Dutch election result was consistent with the opinion polling, and obviously the Fed has delivered a rate hike, but in its most dovish form", said Bank of America G10 currency strategist Kamal Sharma. Investors anticipated the tightening and Treasury yields had climbed with the dollar on speculation the central bank might signal a faster pace of tightening.

Fed Raises the Interest Rate: What Does It Mean for Investors?

A protracted bout of weakness for the US dollar would be seen as positive for commodities priced in the currency, said Richard Franulovich, a forex analyst at Westpac.

The Iseq index closed up 0.55 per cent as a gain for building materials group CRH offset a decline for Ryanair.

The "dot plot" reflects Fed policymakers' interest rate projections.

Yields on 10-year U.S. Treasuries edged up, having suffered their heaviest falls since last August, while the dollar index - which measures the greenback against six major peers - was down 0.3 percent at its weakest since mid-February.

Data from the U.S. Energy Information Administration (EIA) showed U.S. crude stocks fell last week, dropping after nine consecutive increases.

TSX posts lowest close this year as energy, Valeant weigh
The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website . That assumes that the price of the stock that was sold was $11.25 per share, which is the midpoint of the current offering price.

Oil prices slipped on Thursday, as support from a weaker dollar was offset by USA crude inventories near record high levels that again raised concerns whether OPEC-led output cuts were starting to drain a global glut.

"For those looking for a rebalancing of the oil market the message is that they should be patient, and hold their nerve", the IEA said in its monthly report. The Swiss franc gained nearly half a percent against the euro while the yen inched back into positive territory, touching a more than two-week high. Benchmark Brent settled up 1.8 percent to $51.81 a barrel.

The result, along with the Fed statement, handed the euro its biggest one-day jump in nine months, with the single currency climbing above US$1.07 for the first time since early February late on Wednesday and staying above that level, though a touch down on the day, in European trade on Thursday.

The euro climbed to a five-week high of $1.0746 on Thursday, after surging 1.2 percent overnight.

The Organization of the Petroleum Exporting Countries said at the end of November it would cut 1.2 million bpd during the first half of 2017, and in December that non-OPEC producers would cut about 600,000 bpd from their output. USA gold futures were also steady at $1,203. The lack of a reaction in markets before and after the election, however, shows that few investors were expecting the far right to gain any significant power in the Netherlands' heavily-fragment parliamentary system.

Two-year notes, which are considered most vulnerable to Fed policy, were down slightly in price, while yields increased to 1.324 percent from 1.316 percent.

"Surplus inventories and rising USA production may be more of a worry to them".

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