“So far, this year is not transpiring the way that the Fed – or interest rate markets – have described. China’s 40% decrease helped pull the market down, while the US – the full details – saw a 29% drop, according to Preqin. Global VC funding slid 30% last quarter as investors remained cautious amid sputtering economies and a sluggish IPO market. The one bright spot: AI. The question is how far off track,” Prince, the $112.5bn hedge fund’s co-chief investment officer, told the Financial Times. I think it is clear the Fed is off-track now.

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0.55%, while cyclical sectors underperformed, with financials (-0.50%) and industrials (-0.22%) seeing declines. That came as BoJ Governor Ueda said that “We won’t consider changing monetary policy at all to directly respond to moves in foreign exchange”. 0.34%) posted moderate advances. 0.92%). Meanwhile in Europe, there were large declines, with the STOXX 600 (-0.61%), the DAX (-1.32%) and the CAC 40 (-0.86%) all falling back. Indeed, for the Dax, this was the weakest session in over three months. 1.88%), with the index currently on track for its highest closing level since November. 0.7% in February. Overnight in Asia, there have been losses across several indices, including the Nikkei (-0.32%), the CSI 300 (-0.43%) and the Shanghai Comp (-0.34%), whilst markets in South Korea (More Signup bonuses) are closed for a holiday.

Copper extended its rally to $9,500 a ton amid supply risks and a brightening outlook for demand. Finally, gold held a record high as investors positioned for the inflation data. Prices have risen more than 10% on the London Metal Exchange this year, making copper one of the best-performing industrial metals. In crypto, Hong Kong is likely to approve spot Bitcoin ETFs next week and some launches could happen in April, according to Reuters sources.

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The main chipmaker to Nvidia and Apple reported a better-than-expected 16% rise in March-quarter sales. The Stoxx 600 is up 0.6%, with retail, bank, auto and mining shares also outperforming. Leverage sellers sold the spot at Tuesday’s 0.6077 high immediately after the rate decision, according to an Asia-based FX trader “NZD can remain supported and AUD/NZD may remain under a little downward pressure over the very near-term,” said Peter Dragicevich, a strategist at Corpay Solutions. In FX, the Bloomberg Dollar Spot Index falls 0.1% while the kiwi sits atop the G-10 FX pile, rising 0.2% versus the greenback after a hawkish hold from the RBNZ. The NZD/USD rose 0.2% to 0.6069, gaining for a third day.

Earnings upgrades from analysts have outnumbered downgrades in the first quarter, according to a Citigroup Inc. index. The gains come a day before an interest-rates announcement from the European Central Bank that’s widely expected to prepare markets for an initial cut in June as price pressures in the region ease. Tesco Plc rose as it forecast higher retail profit. In Europe, the Stoxx 600 index was higher Wednesday, rebounding from the previous session’s losses, as surging sales at Taiwan Semiconductor Manufacturing Co. from the boom in global AI development boosted tech stocks. Announced a share buyback. Miners advanced after gains in copper, iron ore and gold.