Today's News Update - 20th Dec 2024 Asia Asia-Pacific stocks and currencies fell on Thursday, following a broader market sell-off after the U.S. Federal Reserve's third consecutive rate cut and signals of fewer cuts ahead. The Bank of Japan kept its policy rate at 0.25%, causing the yen to weaken 0.74% to 155.94 against the dollar, a one-month low. The Nikkei 225 dropped 0.69%, while Topix fell 0.22%. Australia's S&P/ASX 200 slid 1.7%. In Hong Kong, the Hang Seng index declined 0.36%, while China’s CSI 300 edged up slightly. The Hong Kong Monetary Authority cut rates by 25 basis points, in line with the Fed, due to the Hong Kong dollar’s peg to the U.S. dollar. US Overnight in the U.S., the Dow Jones Industrial Average plunged 1,123.03 points, or 2.58%, to 42,326.87, marking its first 10-day losing streak since 1974. The broad S&P 500 dropped 2.95% to 5,872.16, while the Nasdaq Composite fell 3.56% to 19,392.69. The sell-off on Wall Street followed the Federal Reserve's decision to reduce its overnight borrowing rate by 25 basis points, bringing it to a target range of 4.25% to 4.5%. While the rate cut was expected, the Fed signaled that it now plans only two rate cuts in 2025, fewer than the four it had previously projected. Commodity Gold prices rose slightly on Thursday before reversing earlier gains, as U.S. data reinforced expectations that the Federal Reserve will adopt a cautious stance on policy easing in the coming year. Spot gold climbed 0.2% to $2,592.39 per ounce, while U.S. gold futures dropped 1.7% to $2,607.50. Oil prices declined on Thursday as central bankers from the U.S., Europe, and Asia expressed caution about easing monetary policy, raising concerns that weaker economic activity could reduce oil demand next year. Brent crude futures fell 62 cents, or 0.84%, to $72.77 a barrel by 2:12 p.m. ET, while U.S. West Texas Intermediate crude futures dropped 71 cents, or 1.01%, to $69.87 per barrel. The above analysis is only for the views of market researchers and is for reference only and is not Regarded as a specific investment suggestion. #Forex #trading #tradingforex