Morning Report

Thursday, 14 June 2018

Asian markets declined early on Thursday after the Federal Reserve raised interest rates, a widely expected move, and indicated two more rate hikes were likely in 2018.

The Federal Reserve raised rates by 25 basis points and signaled two additional rate hikes later in the year. Wednesday’s interest rate hike pushed up the funds rate target from 1.75 percent to 2 percent.

U.S. stocks ended lower after the Fed raised interest rates, with the Dow Jones industrial average declining 0.47 percent, or 119.53 points, to close at 25,201.20. U.S. Treasury yields rose on the back of the Fed’s move, with the yield on the benchmark 10-year note crossing the 3 percent level at one point of time

The dollar index, which tracks the greenback against a basket of currencies, rose as high as 94.028 on Wednesday, before easing to last trade at 93.482. The People’s Bank of China set the Yuan reference rate at 6.3962 vs previous day’s fix of 6.4156.

Source : Reuters

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