Already a subscriber?The powerful rally across equity markets shifted up a gear this week after the Swiss National Bank unexpectedly kicked off a much anticipated monetary easing cycle that could spill over to other developed economies.
A fresh bout of risk-taking pushed the S&P 500 to its 20th all-time high this year, while Europe’s STOXX 600 index also closed at a record level. Australia’s S&P/ASX 200 fell 0.4 per cent on Friday but is on track to post a 1 per cent gain for the week, while Japan’s Nikkei crossed the 41,000-point mark for the first time in history.
There were similar moves in US markets this week after Federal Reserve chairman Jerome Powell signalled that the central bank would deliver three rate cuts this year, after leaving rates on hold.Markets now imply a 70 per cent chance that the Fed will lower rates in June, compared with around 56 per cent at the start of the week.
Markets are fully priced for the RBA to ease policy in November, around five months later than some of its major counterparts. That is despite markets interpreting the central bank’s recent decision to keep the cash rate at 4.35 per cent as dovish.
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