European stock markets opened with the Stoxx 600 index rising by 0.13%. Tech stocks posted a significant increase of 0.9%, while French and German bonds also saw gains. The euro experienced a slight decline against the US dollar.
Federal Reserve Chairman Jerome Powell dampened market expectations for a significant rate cut, stating there is no urgency for such measures. The Asia-Pacific markets showed mixed results, with a notable rebound in Japanese stocks. In Japan, the Liberal Democratic Party's new president, Shigeru Ishiba, assumed the position of prime minister.
The European Central Bank (ECB) is adopting a more accommodative stance with the initiation of rate cuts. ECB Governing Council member Olli Rehn indicated that the pace and scale of the rate cuts would be determined during successive meetings based on overall assessments.
Brent crude oil prices neared $70 per barrel, experiencing a near 2.5% drop during the day. West Texas Intermediate (WTI) crude also fell over 2.5%, currently priced at $66.42 per barrel. The euro traded marginally lower against the US dollar at 1.11 euros, while the US Dollar Index (DXY, Financial) climbed above 101 for the first time since September 18.
French bonds led gains in the European market, with the 10-year yield dropping 8 basis points to 2.84%. German bonds also rose, with the 10-year yield falling by 5 basis points to 2.07%, marking the lowest level since January.
Japan's Nikkei 225 index closed up by 1.9%, reaching 38,651.97 points. The TOPIX index also saw an increase of 1.7%, ending at 2,690.78 points. The USD/JPY pair rose to 144.37, with a daily gain of 0.52%.
Federal Reserve Chairman Jerome Powell stated that if the economic performance aligns with expectations, the committee would likely implement two more rate cuts this year, totaling a 50 basis point reduction.
