It seems like investors were bracing for a more hawkish fed. We got a fed that downplayed that the move would be imminently a rate hike. Also the shrinking of the Balance Sheets to ease pressure on money markets. Yet powell also signaled that while keeping the cuts on the table, they might not come so soon, especially given how he sees inflation in the country. Have a listen. In recent months, inflation has shown a lack of further progress toward over 2 objective and we remain highly attentive to inflation risks. Avril lack of progress on inflation, that is the highlight. Thats why perhaps we are not seeing that much convincing moves to the upside. The kospi is down. Nikkei futures pointing to a slight gain when markets return to the lunch break. The focus has really been on the hong kong stocks. Quite a rally. A well beating rally despite the crucial pillar of support today, mainland investors. Of course, china is shot. A lot of the upside we are seeing might be thanks to what investo
An alltime record. Heres the big question. Check out this chart. The last four times weve gotten to this level, stocks have tumbled. Is this the ultimate fakeout or maybe this time its the breakout. Guy, what do you stay . If you want to blast through that level, the high we made last may, its hard for me to say. I dont think its a fakeout. The market im not some raging bull here. I havent been. Im still not. But you have to respect the price action. Every piece of bad news has been digested and followed by the market going higher. Ive got to tell you, friday, the jobs number, the number alone should have had the market sell off. And it didnt. The answer to your question is, i think we absolutely go up and retest the 2135 level in the s p. I dont think you have to respect the price action so much, when you think where the market has been. The bottom off the january, february lows. Were back at 2135. Look at that. Theres no reason why you shouldnt make a new high. It has to be confirmed
European banking and their struggles but a lot going on across the commodity space as well. I am stunned by the gloom among the pundits in the last few days. I honestly can say i have never seen it. Each of them has an interesting shade and color. We will have some optimistic push optimism to push against the gloom. Francine when you talk about gloom, i know in davos, any ceos were optimistic and there is a reshift. Lets get straight to the bloomberg first word news with vonnie quinn. Consumer prices in china keep rising although they are still below the governments target price. It is the Third Straight monthly increase. Food prices with a big reason. Investors want to know exactly what the and come and president does incoming president of the philippines will do. He was elected with 39 of the vote and campaigned on a platform of fighting crime. He has sustained Investor Confidence on an economy that grew an average of 6 a year in the last decade. North korea staged a massive parade.