{"id":120505,"date":"2021-08-27T09:53:15","date_gmt":"2021-08-27T09:53:15","guid":{"rendered":"https:\/\/fin2me.com\/?p=120505"},"modified":"2021-08-27T09:53:15","modified_gmt":"2021-08-27T09:53:15","slug":"shares-steady-as-caution-prevails-ahead-of-jackson-hole","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/shares-steady-as-caution-prevails-ahead-of-jackson-hole\/","title":{"rendered":"Shares steady as caution prevails ahead of Jackson Hole"},"content":{"rendered":"

LONDON\/HONG KONG (Reuters) – Global shares held steady near record highs on Friday as investors caught their breath ahead of a much-anticipated speech by the U.S. Fed chief that could give clues about when the central bank will start tapering its bond-buying programme.<\/p>

FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany August 17, 2021. REUTERS\/Staff<\/figcaption>

Europe\u2019s pan-European STOXX 600 index was last trading flat after MSCI\u2019s broadest index of Asia-Pacific shares outside Japan rose 0.17%, capping its best week since February as Chinese markets cheered a burst of central bank liquidity.<\/p>\n

While MSCI\u2019s global share index was flat, U.S. stock futures were up 0.3%, suggesting fresh optimism after sentiment on Thursday was dented by a deadly attack in Afghanistan, and after the Federal Reserve\u2019s more hawkish policymakers urged an end to stimulus.<\/p>\n

But moves were small as many traders kept their powder dry ahead of the main market event of the week: Fed Chair Jerome Powell\u2019s speech at 1400 GMT in the Kansas City Fed\u2019s central banking conference, normally held in Jackson Hole, Wyoming, which has been used by the bank in the past to provide guidance on future policy.<\/p>\n

\u201cAt this stage, it is evident that the committee is increasingly leaning towards the desire to commence a taper of their asset purchases,\u201d said James Athey, investment director at Aberdeen Standard Investments.<\/p>\n

\u201cPowell will presumably need to recognise that reality without committing to any specifics before those specifics have been agreed among the voting members of the committee.\u201d<\/p>\n

With a range of expectations among investors ahead of the speech, there were likely to be market moves regardless of where Powell\u2019s words fall on the \u201chawk\/dove spectrum\u201d, Athey said.<\/p>\n

And the potential for investor disappointment is high.<\/p>\n

Analysts at RBC said in a note that while much of the summer had been spent waiting for the event, there was \u201cskepticism that the Fed will provide more specific information around a timetable…amidst a rise in Delta variant COVID cases.\u201d<\/p>\n

Ahead of the speech, public remarks by the Fed\u2019s more hawkish speakers on Thursday urging the central bank to begin paring bond purchases weighed on Wall Street, which closed slightly lower, ending a streak of all-time closing highs.<\/p>\n

Early market cheer on Friday was provided by the Chinese central bank\u2019s biggest weekly cash injection into the banking system since February.<\/p>\n

Chinese blue chips rose 0.45%, a reversal of recent weeks in which mainland stocks have weighed on the region, while Hong Kong\u2019s benchmark rose 0.15%.<\/p>\n

Recent regulatory crackdowns have roiled sectors from property to tech and wiped half a trillion dollars from China\u2019s markets in last week alone.<\/p>\n

\u201cA-shares (onshore Chinese shares) and Hong Kong are taking a break after some pretty extreme movements in the last two weeks,\u201d said Qi Wang, CEO of MegaTrust Investment (HK).<\/p>\n

\u201cInvestors are grappling with the regulatory risk versus still strong earnings.\u201d<\/p>\n

But it was anticipation of Powell\u2019s speech that was tempering market enthusiasm globally.<\/p>\n

The dollar and U.S. yields were little moved.<\/p>\n

The yield on benchmark 10-year Treasury notes was 1.3441%, down from a two-week high of 1.375% set the day before, but barely changed from the U.S. close.<\/p>\n

Gold rose 0.3% to $1,797.40 per ounce as some investors sought safety ahead of the speech. [GOL\/]<\/p>\n

U.S. crude rose 1.7% to $68.58 a barrel, Brent crude rose 1.5% to $72.12 per barrel, as energy companies began shutting production in the Gulf of Mexico ahead of a potential hurricane this weekend. [O\/R]<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

LONDON\/HONG KONG (Reuters) – Global shares held steady near record highs on Friday as investors caught their breath ahead of a much-anticipated speech by the […]<\/p>\n","protected":false},"author":3,"featured_media":120504,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"\nShares steady as caution prevails ahead of Jackson Hole - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/shares-steady-as-caution-prevails-ahead-of-jackson-hole\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Shares steady as caution prevails ahead of Jackson Hole - Fin2me\" \/>\n<meta property=\"og:description\" content=\"LONDON\/HONG KONG (Reuters) – Global shares held steady near record highs on Friday as investors caught their breath ahead of a much-anticipated speech by the [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/business\/shares-steady-as-caution-prevails-ahead-of-jackson-hole\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-27T09:53:15+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/08\/Shares-steady-as-caution-prevails-ahead-of-Jackson-Hole.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/business\/shares-steady-as-caution-prevails-ahead-of-jackson-hole\/\",\"url\":\"https:\/\/fin2me.com\/business\/shares-steady-as-caution-prevails-ahead-of-jackson-hole\/\",\"name\":\"Shares steady as caution prevails ahead of Jackson Hole - 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