Traders work on the floor of the NYSE in New YorkBoth long-term borrowing rates and riskier growth stocks of the Big Tech universe have climbed in tandem this week, a peculiar coincidence in price trends that typically offset each other.
Curiously, it was the traditionally most interest-rate sensitive sectors that led Monday's stock rally, with the NYFANG+ index of mega cap tech and digital giants clocking a daily gain of more than 2% for the first time in September. Recovering somewhat from the China-related hit last week, Apple stock also rebounded as it prepared to launch its latest iPhone on Tuesday and signed a new deal with chipmaker Qualcomm for the supply of 5G modem chips at least until 2026 - before a previous agreement ends this year.
Overseas, European markets held up as this week's European Central Bank meeting is awaited with economists split on its outcome.
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Marketmind: Japan jolt as inflation forksWith U.S. markets homing in on this week's critical August inflation update, Japan threw a curve ball into the piece by signalling a possible early end to its easy money stance just as other G7 central banks are mulling an end their tightening. In a weekend interview, Bank of Japan Governor Kazuo Ueda said the central bank could end its 7-year-old negative interest rate policy when achievement of its 2% inflation target is in sight - suggesting the BOJ is considering official interest rate hikes as well as an early end its bond-buying, yield cap policy. 'If we judge that Japan can achieve its inflation target even after ending negative rates, we'll do so,' Ueda said.
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