Home Finance News China stocks rise as S&P 500 holds steady following Powell’s remarks.

China stocks rise as S&P 500 holds steady following Powell’s remarks.

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China stocks rise as S&P 500 holds steady following Powell’s remarks.

European stock futures and Asian stocks experienced volatility on Wednesday as traders reacted to Federal Reserve Chairman Jerome Powell’s comments regarding the US economy. While US equities reached new highs, contracts for the Euro Stoxx 50 rose in Asian trading, suggesting a rebound for the region’s equities after several days of losses. However, Japanese stocks saw gains while those in China and Australia declined, resulting in a relatively stable performance for the overall regional shares.

China’s consumer prices inched higher in June, indicating a near-zero inflation rate for the fifth consecutive month and highlighting ongoing deflationary pressures affecting the country’s economic recovery. The US equity futures remained flat following the S&P 500’s sixth consecutive session of gains, fueled by expectations of potential rate cuts by the Federal Reserve. Powell emphasized the weakening job market but refrained from specifying a timeline for rate cuts, leading to increased demand for shorter-term Treasuries.

Elsewhere, the Reserve Bank of New Zealand maintained steady interest rates, impacting the country’s currency, while in corporate news, various developments, such as Baidu Inc.’s rising shares and Taiwan Semiconductor Manufacturing Co.’s strong sales, influenced market movements. Amidst ongoing uncertainties and risks, particularly in the tech sector, investors are closely monitoring key events and developments this week that could further sway global markets.

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