Gold Silver Reports (GSR)- This week’s rally in Asian stocks looks set to ebb as Friday trading gets under way as weak volumes in the U.S. session gave little impetus for traders ahead of next week’s Federal Reserve meeting. The dollar climbed.
Equity index futures climbed in Japan and Australia, while Hong Kong contracts pointed lower. With volume running about 17 percent below average, the S&P 500 Index notched up a fourth day of declines, its longest losing streak of 2018. Ten-year Treasury yields steadied after briefly sinking below 2.80 percent as investors await the Fed’s rate decision, with some winding back bets on changes to its dot plot trajectory for hikes.
Investors are weighing the prospects for heightened U.S. trade protectionism after new White House appointee Larry Kudlow said he’d sell the metal and buy the greenback, which gained on Thursday. The Empire Manufacturing Index exceeded projections and initial jobless claims came in just below estimates, signaling continuing strength in the U.S. economy.
Elsewhere, West Texas crude advanced above $61 a barrel as signs of stronger U.S. fuel consumption balanced OPEC’s forecasting for the first time that new supplies from its rivals will exceed demand growth this year. – Neal Bhai Reports
