Market News of Financial World for Today April 17, 2024

πŸ‘‹ Greetings, Dear traders, welcome! We are here to share today’s financial market news with you.

Market News of Financial World

Market News of Financial World:

Today marks Wednesday, April 17, 2024, and it’s time to dive into the latest developments shaping the world financial market:

πŸ‡ͺπŸ‡Ί Christine Lagarde, President of the European Central Bank (ECB), emphasized the need for more time and data before deciding on potential rate cuts. The number of cuts expected this year, whether two or three, remains uncertain. Projections indicate a stable 2% inflation rate forecasted by Q2 2025.

πŸ”₯ European gas market futures, as reported by Bloomberg (BBG), have fully rebounded from their losses since the beginning of 2024, influenced in part by geopolitical factors. Presently, the XNGUSD stands at 1.913.

πŸ“ˆ US government bond yields have surged to their highest level since November, driven by the International Monetary Fund’s (IMF) optimistic forecast for a stronger US economy.

πŸ‡¨πŸ‡³ Societe Generale, joining Morgan Stanley and Citigroup, has revised its GDP growth forecast for China in 2024 to +5% from +4.7%. Concurrently, the HK50 index experienced a drop to 16180.

πŸ‡ΊπŸ‡Έ Federal Reserve Chair Jerome Powell stated that recent data reveal no progress in taming inflation. Powell also affirmed the Fed’s readiness to sustain rates should inflation persist at elevated levels.

πŸ’Ό Bank of America’s (BofA) April survey reflects portfolio managers’ confidence in the global economy, despite inflationary and geopolitical risks. This sentiment has led to a decrease in cash holdings and an uptick in equity investments.

πŸ›« United Airlines has significantly narrowed its first-quarter net loss and provided an optimistic outlook. Consequently, #UAL shares surged by 5.18% to trade at $41.50.

πŸš— Tesla has confirmed substantial job cuts and the departure of a key senior executive. With Tesla’s market capitalization dipping below $500 billion, its shares witnessed a decline of 2.7% to $157.02.
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