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Global markets experienced volatility on Thursday following a mixed performance in U.S. stocks, triggered by the Federal Reserve's decision to postpone interest rate cuts.
U.S. stock futures indicated a positive opening, with S&P 500 futures up 0.5% and Dow Jones futures up 0.4%. In Europe, markets opened with mixed results as investors awaited corporate earnings reports. London's FTSE 100 rose 0.4% to 8,155.28, Germany's DAX edged slightly lower to 17,925.06, and France's CAC 40 fell 0.7% to 7,926.97.
In Asia, Tokyo's Nikkei 225 slipped 0.1% to close at 38,236.07. The Japanese yen initially strengthened by 2% against the dollar but later reversed its gains. The dollar was trading at 155.44 yen, up from 154.91 yen. Stephen Innes, managing partner at SPI Asset Management, noted that Japan's Ministry of Finance was selling U.S. dollars to stabilize the yen, aiming for a rate of around 155-157 yen to the dollar.
South Korea's Kospi fell 0.3% to 2,683.65, while Hong Kong's Hang Seng index rose 2.4% to 18,187.56. Markets in China were closed for the Labor Day holiday.
Australia's S&P/ASX 200 gained 0.2% to 7,587.00. On Wednesday, the S&P 500 fell 0.3% to 5,018.39 after the Fed decided to maintain its main interest rate at its highest level since 2001, in line with market expectations. The Dow Jones Industrial Average rose 0.2% to 37,903.29, while the Nasdaq composite fell 0.3% to 15,605.48.
Federal Reserve Chair Jerome Powell acknowledged concerns about inflation but signaled that rate cuts may not happen soon. Powell stated that while inflation has not made progress toward the 2% target, it may take longer than expected to justify rate cuts. He also downplayed the likelihood of a rate hike as the next move.
The Fed also announced a slowdown in the reduction of its Treasury holdings, which could stabilize the bond market. This move was seen as a positive step by traders, who had already scaled back expectations for rate cuts this year.
In energy trading, U.S. crude oil rose 58 cents to $79.58 a barrel, ending a three-day decline. Brent crude, the international benchmark, rose 69 cents to $84.13 a barrel.
The euro strengthened slightly against the dollar, trading at $1.0713 compared to $1.0709 previously.