WORLD STREET | US FED RATE DECISION EYED, ASIAN MARKETS MIXED, BITCOIN RECLAIMS $60K, AND MORE

In this September 18 World Street edition, market participants are eagerly waiting for the US Federal Reserve's interest rate decision, followed by US retail sales surpassing expectations, bitcoin reclaiming $60,000-mark, and more. Dive into for more details!

Asian markets mixed

Asian markets Asia-Pacific markets opened mixed this morning following Wall Street gains, with the S&P 500 and Dow Jones hitting new highs. Investors are anticipating the Federal Reserve’s rate decision and reviewing economic data from Japan and Indonesia. While markets in South Korea and Hong Kong are closed, China resumes trading after a three-day holiday. Australia’s S&P/ASX 200 dipped 0.09 percent, while Japan’s Nikkei 225 rose 1.22 percent, and the Topix increased by 0.9 percent.

Bond yields tick up

Treasury yields edged higher following strong retail sales data and ahead of the Federal Reserve’s policy meeting. The 10-year Treasury yield rose by 2 basis points to 3.6 percent, while the 2-year yield increased by over 4 basis points to 3.6 percent. August retail sales grew by 0.1 percent, surpassing expectations of a 0.2 percent decline, according to economists.

Bitcoin reclaims $60K-mark

Bitcoin surpassed $60,000 on September 17 as investors anticipated the Federal Reserve’s upcoming interest rate cuts. The central bank is expected to lower rates for the first time in four years, which could boost risk assets like Bitcoin. The market is split on whether the Fed will cut rates by 25 or 50 basis points, with traders pricing in a 63 percent chance of a 50-basis-point cut, according to CME Group's FedWatch Tool.

Trump Media stock cracks

Shares of Trump Media fell 6.6 percent on September 18, just two days before the expiration of "lockup" restrictions. These restrictions have prevented majority shareholder Donald Trump and other insiders from selling their stakes since the company's merger with a special purpose acquisition company in March. Once the lockup agreement expires, early investors and Trump will be allowed to sell their shares.

Japan trade balance

Japan's exports grew at a slower-than-expected pace in August, with shipment volumes continuing to decline. Exports increased by 5.6 percent year-on-year, marking the ninth consecutive month of growth, but fell short of the 10 percent rise forecast by analysts. This followed a 10.3 percent increase in July, according to official data.

Neuralink secures USFDA nod

Tesla CEO Elon Musk announced that Neuralink, his brain-chip startup, has received approval from the US Food and Drug Administration for its experimental implant device. Musk claimed the device could potentially allow even individuals who have lost both eyes and their optic nerve to regain sight. In his tweet, he shared a photo of Geordi La Forge, a character from the sci-fi series 'Star Trek', who is blind from birth but uses advanced technology to see.

(with inputs from Reuters and other agencies)

2024-09-18T02:44:32Z dg43tfdfdgfd