Hong Kong Cuts Base Rate as HKMA Follows U.S. Federal Reserve Move 
Oil Prices Rebound in Asia as Venezuela Sanctions Risks Offset Ukraine Peace Hopes 
Indonesia–U.S. Tariff Talks Near Completion as Both Sides Push for Year-End Deal 
Gold Prices Dip as Markets Absorb Dovish Fed Outlook; Silver Eases After Record High 
Asian Stocks Slip Ahead of Fed Decision as China Deflation Concerns Deepen 
Australia’s Labour Market Weakens as November Employment Drops Sharply 
Gold Prices Hold Firm as Markets Await Fed Rate Cut; Silver Surges to Record High 
Japan Weighs New Tax Breaks to Boost Corporate Investment Amid Spending Debate 
Global Forex Markets Brace for Fed Decision as Yen Extends Weakness 
Ireland Limits Planned Trade Ban on Israeli Settlements to Goods Only 
U.S. Dollar Slides for Third Straight Week as Rate Cut Expectations Boost Euro and Pound 
Asian Stocks Rally as Tech Rebounds, China Lags on Nvidia Competition Concerns 
Asian Stocks Slip as Oracle Earnings Miss Sparks AI Profitability Concerns 
Asian Currencies Steady as Fed Delivers Hawkish Rate Cut; Aussie and Rupee Under Pressure 
Gold Prices Slip Slightly in Asia as Silver Nears Record Highs on Dovish Fed Outlook 
Fed Near Neutral Signals Caution Ahead, Shifting Focus to Fixed Income in 2026 
The S&P 500 closed higher Wednesday after President Donald Trump dismissed reports suggesting he was close to firing Federal Reserve Chair Jerome Powell. Trump clarified he had “no plans” to remove Powell, though he criticized the Fed’s handling of interest rates and costly renovations at its headquarters.
At market close, the Dow rose 231 points (0.5%), the S&P 500 added 0.3%, and the Nasdaq hit a record high of 20,730.49.
On the economic front, U.S. wholesale inflation remained flat in June, with the Producer Price Index (PPI) rising 2.3% annually, down from May’s 2.7%, and unchanged month-on-month. This came after Tuesday's data showed consumer prices rose 2.7% annually, beating expectations.
The Federal Reserve’s Beige Book, offering anecdotal insights into economic conditions, is expected to underscore ongoing stagflation risks amid trade uncertainty. President Trump announced new tariffs, including 200% on pharmaceutical imports and 19% on Indonesian goods, with more “reciprocal” tariffs potentially hitting by August 1.
Meanwhile, Q2 earnings season is in full swing. Bank of America and Goldman Sachs shares rose on strong trading revenue, while Morgan Stanley slipped despite a profit increase. JPMorgan and Citigroup beat estimates but warned of economic risks tied to trade tensions.
Tesla gained 3% after unveiling plans for a six-seater Model Y this fall. Johnson & Johnson stock climbed following an upgraded sales forecast. Global Payments surged 5% on news of Elliott Management’s investment.
Crypto-related stocks like Circle, Coinbase, and Marathon Digital rallied as optimism grew around pending votes on the GENIUS Act and CLARITY Act, two bills that could significantly expand stablecoin adoption.
