Defining the News
Pedestrians walk in front of an electronic board displaying the numbers of the Tokyo Stock Exchange share price in Tokyo on June 17, 2024. Tokyo stocks opened lower on June 17 as a higher yen and falls in two of the three main US indexes weighed on the market. Asian markets drifted Thursday as investors try to gauge the outlook for US interest rates, while also keeping tabs on developments in France as it heads for crucial elections.
Analysts say this means there will be two reductions at most, with many predicting just one this year — in line with the Fed’s “dot plot” gauge released last week. Chris Weston at Pepperstone Group in Melbourne said there is some talk about what could cause this, warning that “all is not so rosy under the hood, where index market breadth has been poor, with participation underwhelming, suggesting the rally has been built on a shaky foundation”.
Traders are eyeing developments in France as it heads for polls at the end of the month, with President Emmanuel Macron’s centrist alliance in third place behind far-right and left parties. Investors are also awaiting a Bank of England policy decision later in the day, when it is expected to stand pat on rates at a 16-year high owing to ongoing price risks, analysts said.
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