New York Fed forced to clarify Williams' speech

Stocks to Rise in Asia as Fed-Cut Bets Lift: Markets Wrap

The St. Louis Fed is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, D.C., make up the US central bank.

That comment echoed a statement earlier Thursday from John Williams, the influential vice chairman of the Fed's policy committee, who talked about the need to vaccinate when rates are very low.

On Wall Street, major indexes moved higher in early trading, buoyed by a gain of 1.92% in Microsoft as quarterly results topped expectations, powered by its cloud business.

A gauge of global stocks climbed on Friday as investors looked for a strongly dovish U.S. Federal Reserve at its next meeting and as early returns on earnings season have come in better than anticipated.

Fed Vice chairman Richard Clarida and New York Fed chief John Williams buoyed United States stocks with their dovish remarks Thursday afternoon (July 18), in some of the final comments from central bankers before they enter their blackout period ahead of a July 30-31 policy meeting. Later that day, however, a New York Fed representative said Williams' comments were not meant to telegraph any hints about upcoming Fed policy actions.

That dialed back expectations to about 39% for a rate cut of half a percentage point at the Fed's July 30-31 meeting, according to CME's FedWatch tool. (Historical data shows that policymakers have cut rates with the S&P 500 at an all-time high seven times - the last time in 1996).

The world's largest contract chipmaker and supplier to Apple on Thursday posted a decline in second-quarter profit but said demand is likely to recover over the rest of the year, particularly from smartphone makers.

The Dow Jones Industrial Average rose 85.45 points, or 0.31%, to 27,308.42, the S&P 500 gained 2.13 points, or 0.07%, to 2,997.24 and the Nasdaq Composite added 6.93 points, or 0.08%, to 8,214.18.

Atletico Madrid complete signing of former Real Madrid youth star
His departure leaves the Magpies thin at forward, top scorers Ayoze Perez and Salomon Rondon are also leaving the club this summer.

"My concern is that inflation expectations can get anchored too low, and we may be seeing that, have seen that in other countries", he said.

Food-and-beverage and oil-and-gas companies supported the pan-continental Stoxx Europe 600 index, which rose 0.5% to reverse a two-day losing streak.

The euro fell against the rebounding US dollar on Friday and hit a 2-year low versus the Swiss franc, as investors ramped up bets for a European Central Bank interest rate cut as early as next week.

The dollar stood at 107.42 yen, up 0.2% from late US levels after having hit a three-week low of 107.21 the previous day. Additionally, investors will be monitoring another escalation of tensions in the Middle East, after President Trump said a U.S. Navy ship destroyed an Iranian drone in a "defensive action" in the Strait of Hormuz.

Still, WTI dropped 7% this week and Brent lost about 5.5% for the week, the steepest losses for both benchmarks since late May.

Elsewhere, oil rose to $56 a barrel in NY, trimming a weekly decline.

This story has not been edited by Firstpost staff and is generated by auto-feed.

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