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.
股票在周四上涨，美元保持低迷，因为美国联邦储备会议记录表明数周后将开始降息。
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.
会议纪要表示，如果数据符合预期，九月份的降息可能是合适的，这一点证实了市场的预期。股票在早些时候跌至月初低点后反弹，努力争取获利。
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.
欧洲股市上涨0.5%，受到零售股的帮助，在亚洲交易时段表现低迷之后。在本月的业务活动数据显示出意外的强劲之后，它们不断增长。
U.S. stock index futures were marginally higher.
美国股票指数期货稍微上涨。
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.
油价在欧洲上午回稳，此前连续第五天下跌，因投资者此前担忧全球需求前景，但美国燃料库存下降提供了支撑。
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]
布伦特原油期货上涨0.4%，至每桶76.36美元，在8月份下跌近6%后仍接近今年低点。
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.
欧元区债券收益率在欧元区商业活动调查之后上升，这可能削弱了今年欧洲央行进一步降息的预期。
U.S. PMI and initial jobless claims figures are due later in the day.
美国采购经理指数和初请失业金人数数据将在今天晚些时候公布。
"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.
“我们昨天看到的只是美联储9月份降息的广泛预期的进一步确认，”Unigestion的多资产投资组合经理Sandrine Perret说。
Earlier, MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.3 per cent.
此前，除日本外，MSCI亚太地区股市指数上涨了0.3%。
DOLLAR DOWNTREND
美元下行趋势
The dollar index, was little changed at 101.21. It dipped to 100.92 overnight for the first time this year.
美元指数，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.
美国降息将给全球央行移动空间。周四，韩国银行敞开了十月份降息的大门，而印度尼西亚银行已安排在第四季度降息。
Still, rates and currency markets see a U.S. easing cycle as having further to run than other countries.
尽管如此，利率和货币市场认为美国的宽松周期比其他国家还有更长的路要走。
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.
利率期货市场已经充分定价美联储下个月降息25个基点，有1/3的可能性会降息50个基点。他们预计到2025年底，美国将降息222个基点，而欧洲将降163个基点。
The euro, which has made strong gains this month, fell 0.1 per cent to $1.1128.
本月汇率大幅上涨的欧元兑美元下跌了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.
在德国发布的弱于预期的PMI数据之后，单一货币下跌，表明其经济在第二季度意外萎缩了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.
在英国，英镑兑美元触及13个月新高，在英国业务活动数据显示稳定增长势头进入2024下半年后，对欧元也有所加强。
The pound rose 0.3 per cent to as high as $1.3129, its highest since July 2023.
英镑上涨0.3%至1.3129美元，为2023年7月以来最高点。
Ten-year Treasury yields were broadly steady at 3.80 per cent while two-year yields held at 3.93 per cent.
十年期国债收益率整体稳定在3.80%，而两年期收益率保持在3.93%。
Reuters
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