Daily Briefing: Markets have waited all week for Federal Reserve Chairman Jerome Powell’s speech at Jackson Hole, and today is the day
Markets have waited all week for Federal Reserve Chairman Jerome Powell’s speech at Jackson Hole, and today is the day - he speaks at 1400 GMT.
The yuan’s weakness, as everyone watches for the 7.10 level to be breached, is weighing on the rest of Asia.Both countries might cut interest rates at their next central bank meeting to lift economies threatened by trade conflict, politics and export weakness. Chinese shares rose, however, lifted by comments from White House economics advisor Larry Kudlow that Sino-U.S. talks were still on track for September.
But since the Fed’s last meeting, the world economy has worsened and markets will be watching for any Powell comments on the new economic developments. European stock futures are flying high, clinging to hopes for a resoundingly dovish speech from Powell.
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