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The rally in stocks sputtered with traders once again watching policy makers for clues on whether they’ll dial back their higher-for-longer stance on interest rates. Europe’s Stoxx 600 index slipped 0.3% and US equity futures traded flat. Oil hovered near a three-month low after plunging almost 7% over the previous two sessions. Yields on 10-year Treasuries held below 4.5%. Speeches are due later from Federal Reserve Chair Jerome Powell and European Central Bank President Christine Lagarde.
“Central bank speak continues to be one of the market movers,” wrote Evelyne Gomez-Liechti, multi-asset strategist at Mizuho International Plc. “Markets have been getting a bit too excited about the prospects of rate cuts in the last few weeks.” Elsewhere, Bitcoin rose to an 18-month high as expectations of an approval for exchange traded funds to invest in the largest crypto token intensified. In commodities, Brent crude traded around $80 a barrel, while West Texas Intermediate, the US benchmark, edged higher to about $76.
Chinese shares were mixed after the nation’s consumer price index fell in October, the first time since July, underscoring policymakers’ struggle with shoring up growth.
“Today’s data seems to reinforce the view that more needs to be done,” said Jun Rong Yeap, a market strategist at IG Asia Pte. In Japan, SoftBank Group Corp’s flagship Vision Fund reported another loss as valuations on some of its bets declined, even as the investor chases new deals in AI.