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New York Fed President Dudley comment supports market sentiment

US stocks rallied on Wednesday as market sentiment was bolstered after New York Fed President Dudley downplayed the likelihood of September rate hike and buying the dip propelled stock prices sharply higher. The dollar strengthened with the ICE US Dollar index finishing up 0.9%. The Dow Jones Industrial Average and S&P 500 posted their largest gains in nearly four years, snapping a six-day decline that erased $2.2 trillion from share values. The S&P 500 rose 3.9% to 1,940.51, with all of its 10 main sectors closing higher led by technology and health-care sectors. New York Fed Bank President William Dudley said Wednesday the recent global turmoil has made the case for raising rates in September “less compelling”, cautioning against overreacting to short-term developments. Economic data showed US durable goods orders were better than expected as they increased 2% in July – the most in more than a year. The reading reinforced the case of improving state of US economy evidenced by stronger consumer confidence reported on Tuesday by Conference Board. Today at 13:30 CET second estimate of Q2 GDP will be released in US. The tentative outlook is positive. At the same time initial jobless claims and continuing claims will be released. At 15:00 CET July pending home sales will be released. The tentative outlook is positive.

European stocks fell on Wednesday on concerns about the negative impact of slowing Chinese economy on global growth. The euro weakened against the dollar. The Stoxx Europe 600 finished 1.8% lower, Germany’s DAX 30 fell 1.3% to 9,997.43 , France’s CAC 40 lost 1.4%. The indexes managed to close above session lows after the European Central Bank’s chief economist, Peter Praet, said the bank stands ready to expand monetary stimulus as downside risks to inflation rise with falling commodity prices. 18.2% fall in Syngenta shares after US agribusiness leader Monsanto gave up trying to buy it also weighed on indexes. No important economic data are expected today in euro-zone. Tomorrow at 1:00 CET July retail sales will be published in Germany.

Nikkei rose 1.1% today as yen continued weakening and a rally on Wall Street and expectations that the Federal Reserve may delay the interest rate hike supported investor confidence. Food shares rose, lead by 6.1% jump in Kikkoman Corp. Exporters also advanced, with Toyota Motor Corp edging up 1.5%. Tomorrow at 0:30 CET July consumer price index will be released in Japan, the tentative outlook is negative. At 00:50 CET July retail trade will come out, the tentative outlook is positive.

China’s stocks rallied today with Shanghai Composite Index jumping 5.3% on speculation that state funds have resumed buying shares to support the market. On Wednesday China’s central bank said it would inject 140 billion yuan ($21.80 billion) into the financial system through a short-term liquidity operation, providing loans at 2.3% interest rate.

Commodity futures are rising today. Oil futures are rising today after they fell on Wednesday dragged lower by about 6% fall in gasoline prices following unexpected increase in US supplies. Oil fell yesterday despite the official report US weekly commercial crude oil stocks fell by 5.45 million barrels.

Gold prices are steadying today after falling for three sessions in a row to lowest level in over a week on Wednesday as equity markets rebounded and stronger dollar dulled safe haven metal’s allure.

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