Ipek Ozkardeskaya
Swissquote Bank Ltd
The Bank of Japan (BoJ) raised its rate to 0.25% as cautiously expected and announced that it will reduce the monthly bond purchases in a predictable manner. The JGB yields and the yen rose.
Across the Pacific, the Federal Reserve (Fed) also started its two-day policy meeting and will announce its decision later today. The Fed is not expected to make a change to its rates today, but is widely and wildly expected to hint at a September rate cut.
But that expectation is not helping the major US indices to stay afloat. Beirut explosion, a swift flight to safety and a renewed selloff across the Big Tech stocks weighed on major US indices yesterday. The S&P500 fell 0.50% while Nasdaq 100 slid around 1.40%. Nvidia tumbled 7% to its 100-DMA. But, Nasdaq futures are in a better shape this morning following a 7.5% rally from AMD after raising its forecast for AI accelerators. Microsoft, on the other hand, didn’t blow anyone’s mind when it reported earnings yesterday as Azure growth disappointed.
Meta, Amazon and Apple will be revealing their Q2 earnings later this week.
This report has been prepared by Swissquote Bank Ltd and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by Swissquote Bank Ltd personnel at any given time. Swissquote Bank Ltd is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.
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