Posted 11/2/2023, 9:54:00 PM
Stocks Rally on Hopes of Peak Rates as Investors Eye Fed and ECB Policy Pivot
- Global stocks rally on hopes that major central banks like the Fed and ECB have finished hiking rates for now.
- Investors anticipate rate cuts next year, with around 70-75 bps priced into the U.S. curve already.
- Bond yields continue to fall, with the 10-year U.S. yield down 40 bps from its recent peak above 5%.
- U.S. stocks jump on strong earnings, with Apple beating forecasts despite after-hours decline.
- Chinese markets diverge from global optimism, as PMI figures show manufacturing and services contraction.