Equities
Asian markets traded mostly lower on Thursday, ahead of the Fed’s press conference. The ASX 200 shed .5% to 4340, the Hang Seng slipped .1% to 20048, and the Shanghai Composite slumped .8% to 2110. The Nikkei rose .4% to 8995, and the Kospi ended flat after Korea’s central bank held interest rates in place.
European shares headed mostly lower, weighed down by banking shares, which slumped 2.1%. The CAC40 skidded 1.2% to 3502, the DAX dropped .5% to 7310, while the FTSE climbed .7% to 5820.
US stocks rallied in response to the Fed’s freshly announced stimulus plan, known as QE3. The Dow surged 207 points to 13540, the S&P 500 jumped 1.6% to 1460, and the Nasdaq advanced 1.3% to 3156. The Fed announced a plan to purchase $40 billion in mortgage debt a month until the jobs market improves.
Currencies
The Dollar fell following the announcement of the new stimulus plan. The Euro advanced .6% to 1.2981, the Australian Dollar rallied .7% to 1.0542, and the Yen gained .5% to 77.50.
Economic Outlook
PPI rose by 1.7% last month, exceeding estimates for a 1.1% increase. Weekly unemployment claims were worse than expected, rising to 382K vs. estimates of 370K.
Asian markets traded mostly lower on Thursday, ahead of the Fed’s press conference. The ASX 200 shed .5% to 4340, the Hang Seng slipped .1% to 20048, and the Shanghai Composite slumped .8% to 2110. The Nikkei rose .4% to 8995, and the Kospi ended flat after Korea’s central bank held interest rates in place.
European shares headed mostly lower, weighed down by banking shares, which slumped 2.1%. The CAC40 skidded 1.2% to 3502, the DAX dropped .5% to 7310, while the FTSE climbed .7% to 5820.
US stocks rallied in response to the Fed’s freshly announced stimulus plan, known as QE3. The Dow surged 207 points to 13540, the S&P 500 jumped 1.6% to 1460, and the Nasdaq advanced 1.3% to 3156. The Fed announced a plan to purchase $40 billion in mortgage debt a month until the jobs market improves.
Currencies
The Dollar fell following the announcement of the new stimulus plan. The Euro advanced .6% to 1.2981, the Australian Dollar rallied .7% to 1.0542, and the Yen gained .5% to 77.50.
Economic Outlook
PPI rose by 1.7% last month, exceeding estimates for a 1.1% increase. Weekly unemployment claims were worse than expected, rising to 382K vs. estimates of 370K.