Shares Gain, Dollar Subdued As Fed Readies Rate Cut
Shares Gain, Dollar Subdued As Fed Readies Rate Cut
Stocks gained ground and the dollar remained subdued on Thursday after Federal Reserve minutes signalled U.S. interest rate cuts were set to begin in a few weeks' time.
股票在週四上漲，美元保持低迷，因爲美國聯邦儲備會議記錄表明數週後將開始減息。
The minutes said the "vast majority" of policymakers felt that, if data came in as expected, a September cut was likely to be appropriate – validating market expectations.Stocks, after a phenomenal rebound from early-month lows plumbed after a bout of volatility, strove for gains.
會議紀要表示，如果數據符合預期，九月份的減息可能是合適的，這一點證實了市場的預期。股票在早些時候跌至月初低點後反彈，努力爭取獲利。
European shares gained 0.5 per cent, helped by retail stocks, after a subdued trading session in Asia. They added ground to initial gains after data for the euro zone showed surprising strength in business activity this month.
歐洲股市上漲0.5%，受到零售股的幫助，在亞洲交易時段表現低迷之後。在本月的業務活動數據顯示出意外的強勁之後，它們不斷增長。
U.S. stock index futures were marginally higher.
美國股票指數期貨稍微上漲。
Oil prices steadied in European morning hours after falling for a fifth straight day as investors earlier worried about the global demand outlook before a decline in U.S. fuel inventories provided a floor.
油價在歐洲上午回穩，此前連續第五天下跌，因投資者此前擔憂全球需求前景，但美國燃料庫存下降提供了支撐。
Brent crude futures gained 0.4 per cent to $76.36 a barrel, still near the year's low after losing nearly 6 per cent in August so far. [O/R]
布倫特原油期貨上漲0.4%，至每桶76.36美元，在8月份下跌近6%後仍接近今年低點。
Euro zone bond yields edged upwards after the euro zone business activity survey, which potentially weakens expectations for two more rate cuts from the European Central Bank this year.
歐元區債券收益率在歐元區商業活動調查之後上升，這可能削弱了今年歐洲央行進一步減息的預期。
U.S. PMI and initial jobless claims figures are due later in the day.
美國採購經理指數和初請失業金人數數據將在今天晚些時候公佈。
"What we have seen since yesterday is just a confirmation of broad expectations of Fed rate cuts in September," said Sandrine Perret, multi-asset portfolio manager at Unigestion.
「我們昨天看到的只是聯儲局9月份減息的廣泛預期的進一步確認，」Unigestion的多資產投資組合經理Sandrine Perret說。
Earlier, MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.3 per cent.
此前，除日本外，MSCI亞太地區股市指數上漲了0.3%。
DOLLAR DOWNTREND
美元下行趨勢
The dollar index, was little changed at 101.21. It dipped to 100.92 overnight for the first time this year.
美元指數，小幅下跌至101.21。昨晚首次跌至今年的100.92。
Lower U.S. rates would give central banks around the world room to move. On Thursday the Bank of Korea opened the door to a cut in October, while Bank Indonesia has lined up cuts in the fourth quarter.
美國減息將給全球央行移動空間。週四，韓國銀行敞開了十月份減息的大門，而印度尼西亞銀行已安排在第四季度減息。
Still, rates and currency markets see a U.S. easing cycle as having further to run than other countries.
儘管如此，利率和貨幣市場認爲美國的寬鬆週期比其他國家還有更長的路要走。
Interest rate futures markets have fully priced in a 25-basis-point cut from the Fed next month, with a 1/3 chance of a 50-bp cut. They project 222 bps of U.S. easing by the end of 2025, against 163 bps for Europe.
利率期貨市場已經充分定價聯儲局下個月減息25個點子，有1/3的可能性會減息50個點子。他們預計到2025年底，美國將減息222個點子，而歐洲將降163個點子。
The euro, which has made strong gains this month, fell 0.1 per cent to $1.1128.
本月匯率大幅上漲的歐元兌美元下跌了0.1%，跌至1.1128美元。
The single currency fell after weaker-than-expected PMI data from Germany suggested that its economy, – which unexpectedly contracted by 0.1 per cent in the second quarter – hasn't picked up pace going into the second half of the year.
在德國發布的弱於預期的PMI數據之後，單一貨幣下跌，表明其經濟在第二季度意外萎縮了0.1%，未能在下半年加快步伐。
In Britain, the pound rose to a new 13-month high on the dollar and also strengthened against the euro after British business activity data showed steady growth momentum going into the second half of 2024.
在英國，英鎊兌美元觸及13個月新高，在英國業務活動數據顯示穩定增長勢頭進入2024下半年後，對歐元也有所加強。
The pound rose 0.3 per cent to as high as $1.3129, its highest since July 2023.
英鎊上漲0.3%至1.3129美元，爲2023年7月以來最高點。
Ten-year Treasury yields were broadly steady at 3.80 per cent while two-year yields held at 3.93 per cent.
十年期國債收益率整體穩定在3.80%，而兩年期收益率保持在3.93%。
Reuters
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