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Daily Review 23.09.2016

Stocks around the world surge after Fed decided to keep policy rate unchanged

Most equity markets around the globe finished higher on Thursday after the Federal Reserve refrained from changing its interest rate on it central bank meeting last September 20-21.

US’ central bank has kept its interest rates steady, ranging from 0.25%-0.50%, as officials awaited more progress in the performance of economy.

The decision seemed to favour the stocks markets as indices in New York posted a two-day winning streak, with NASDAQ composite setting another record-high session as it added 44.34 points, or 0.8% to close at 5 339.52.

The S&P 500 advanced 14.06, or 0.7% to settle at 2 177.18, supported by the climb of 90% in its stocks while the Dow Jones futures  crept up 98.76 points, or 0.5%, to finish at 18 392.46, aided by the strong finish of its 28 blue chip companies.

In Europe, the pan-European STOXX 600 index finished 1.6% higher as major sectors ended in green zone. UK’s FTSE futures finished 1.1% higher while the French CAC and the German DAX closed up 2.3% and 2.2% respectively.

Across Asia, Australia’s ASX 200 index added 34.94 points, or 0.65% at 5374.50 while New Zealand’s NZX 50 finished 0.42% higher after adding 30.54 points and settled at 7 311.71.

Hong Kong’s Hang Seng index was 0.56% up at 23 801.67 while South Korea’s KOSPI gained 13.71 points, or 0.67% at 2 049.70.

The Japanese market was closed on Thursday due to a public holiday.

Dollar continues losing streak as markets digest Fed’s move

The US dollar hit a two-session losing streak as it slipped on Thursday after investors responded on Federal Reserve’s decision to hold rates steady.

The dollar index, which measures the greenback against major currencies, closed down 0.1% at 95.24. It touched a session low of 95.05 in yesterday’s trading.

The euro strengthened by 0.18% against the greenback and was last trading at 1.1205, up from 1.1185 finish on Wednesday.

Sterling also gained ground as it was up 1.3077 from 1.3032 of its previous close while the Canadian dollar fell slightly at 1.3058.

Against the Japanese yen, the dollar recovered some ground as it finished 0.45% higher at 100.74 yen.

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