{"id":73697,"date":"2024-12-19T17:05:09","date_gmt":"2024-12-19T06:05:09","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=73697"},"modified":"2025-11-10T20:20:44","modified_gmt":"2025-11-10T09:20:44","slug":"thursday-19th-december-2024-global-markets-slide-amid-fed-rate-cuts-and-economic-uncertainty","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com\/blog\/thursday-19th-december-2024-global-markets-slide-amid-fed-rate-cuts-and-economic-uncertainty\/","title":{"rendered":"Thursday 19th December 2024: Global Markets Slide Amid Fed Rate Cuts and Economic Uncertainty"},"content":{"rendered":"\n<h3><br \/>Global Markets:<\/h3>\n\n\n\n<ul>\n<li>&nbsp;Asian Stock Markets : Nikkei down 0.7%, Shanghai Composite down 0.31%, Hang Seng down 0.74% ASX down 1.78%<\/li>\n\n\n\n<li>Commodities : Gold at $2621.35 (-1.24%), Silver at $29.84 (-2.38%), Brent Oil at $72.9 (-0.56%), WTI Oil at $69.4 (-1.39%)<\/li>\n\n\n\n<li>Rates : US 10-year yield at 4.526, UK 10-year yield at 4.5575, Germany 10-year yield at 2.2410<\/li>\n<\/ul>\n\n\n\n<h3>News &amp; Data:<\/h3>\n\n\n\n<ul>\n<li>(USD) Federal Funds Rate&nbsp; 4.5% vs 4.5% expected<\/li>\n\n\n\n<li>(USD) Building Permits 1.51M vs 1.43M expected<\/li>\n<\/ul>\n\n\n\n<h3>Markets Update:<\/h3>\n\n\n\n<p>Asia-Pacific stocks and currencies declined Thursday amid a global market sell-off following the U.S. Federal Reserve\u2019s third consecutive rate cut and its indication of fewer cuts ahead. The Bank of Japan maintained its policy rate at 0.25% for the third consecutive meeting, leading to a weakened yen, which dropped to 155.40 against the dollar from 154.60 pre-announcement. The Nikkei 225 narrowed its losses to 0.63% from 0.96%, while the Topix fell 0.49%.<\/p>\n\n\n\n<p>In South Korea, the Kospi and Kosdaq indices both declined by 1.65%, with the won trading near its weakest level since March 2009 at 1,450.46 per dollar. Australia\u2019s S&amp;P\/ASX 200 dropped 1.96%, while Hong Kong\u2019s Hang Seng index fell 0.88%, and China\u2019s CSI 300 slid 0.62%. Hong Kong\u2019s Monetary Authority reduced interest rates by 25 basis points, mirroring the Fed\u2019s move, as its currency is tightly pegged to the U.S. dollar.<\/p>\n\n\n\n<p>Meanwhile, New Zealand officially entered a recession, with GDP falling 1% in the September quarter, marking two consecutive quarters of decline.<\/p>\n\n\n\n<p>Overnight in the U.S., the Dow Jones dropped 1,123.03 points, or 2.58%, to 42,326.87, marking its first 10-day losing streak since 1974. The S&amp;P 500 fell 2.95% to 5,872.16, and the Nasdaq Composite declined 3.56% to 19,392.69. The sell-off followed the Fed\u2019s anticipated 25-basis-point rate cut to a target range of 4.25%-4.5%, with a forecast of only two rate cuts in 2025, fewer than the four previously projected.<\/p>\n\n\n\n<h3>Upcoming Events:&nbsp;<\/h3>\n\n\n\n<ul>\n<li>01:30 PM GMT &#8211; USD Final GDP q\/q<\/li>\n\n\n\n<li>01:30 PM GMT &#8211; USD Unemployment Claims<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: News &amp; Data: Markets Update: Asia-Pacific stocks and currencies [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":79815,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[196,215,339],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/73697"}],"collection":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/comments?post=73697"}],"version-history":[{"count":2,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/73697\/revisions"}],"predecessor-version":[{"id":73703,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/73697\/revisions\/73703"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media\/79815"}],"wp:attachment":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media?parent=73697"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/categories?post=73697"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/tags?post=73697"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}