Global Event Update: US markets ended marginally lower yesterday, as participants considered the timing of any moves by the Federal Reserve to curb stimulus. Richard Fisher, President of the Federal Reserve Bank of Dallas, said that, the Feds stimulus program could not continue forever. Markets will be watching comments from Fed governor Ben Bernanke later on Wednesday for further hints on the direction of monetary policy. Meanwhile, Vice Chairman Janet Yellen will testify before the Senate Banking Committee during her confirmation hearing on Thursday. The USD edged higher against a basket of other global currencies including the yen, while borrowing costs reflected in the 10-year Treasury note rose, with the yield on the benchmark added 2 basis points to 2.77%. European markets closed lower yesterday, as weak corporate results halted a recent rally. Asian markets are following their Wall Street peers today with losses, as heightened talk about a scaling back of the Federal Reserves monetary stimulus weighs on sentiment. Chinas Third Plenum meeting of Communist Party leaders ended on Tuesday, with a pledge to let markets play a decisive role in the economy over the next decade, deepen fiscal reform and give farmers more property rights. No more details were provided Brent crude is at $106 / barrel.
Posted on: Wed, 13 Nov 2013 04:53:45 +0000
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