The bear and bull statues outside the Frankfurt Stock Exchange. Picture: BLOOMBERG/ALEX KRAUS
This week also sees more than one-third of S&P 500 companies report quarterly results including Facebook, Tesla, Apple, Alphabet, Microsoft and Amazon. MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 2.1% to its lowest since December.Elsewhere, bitcoin jumped as much as 12.5% to its highest since mid-June on the hope of growing acceptance of the cryptocurrency including from Amazon and as short sellers covered their positions.“While we see the Fed as being more hawkish this week, it is only one of several speed bumps ahead in what is an environment supportive for risk,” said Sebastien Galy, a strategist at Nordea.
Investors have been pulling money out of Asian and emerging market stocks and adding to their US holdings, supported by forecast-beating earnings — with just over one-fifth of the S&P 500 having reported, 88% of firms have beaten the consensus of analysts’ expectations. The week is also packed with US data. Second-quarter GDP is forecast to show annualised growth of 8.6%, while the Fed’s favoured measure of core inflation is seen rising an annual 3.7% in June.Bond markets have remained remarkably untroubled by the prospect of eventual tapering. Yields on Us 10-year notes have fallen for four weeks in a row — they slipped another six basis points to 1.229% on Monday.
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