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Global markets plummet!
"Black Friday" has arrived, and the Federal Reserve's statement douses hopes for interest rate cuts!
On November 14th, the global market completely cooled down—Federal Reserve officials issued "hawkish harsh words," directly extinguishing hopes for a rate cut in December. Coupled with a bunch of disorganized data and concerns about the artificial intelligence hype turning into a bubble, global stock markets and precious metal markets were all pressed down on the ground on Friday.
Whether it's the Tokyo stock market or leading stocks in Paris and London, the declines are unbearable. The UK is even worse; in addition to these troubles, new concerns have arisen regarding the upcoming budget announcement, making the market even worse. The U.S. stock market is not doing much better; stock index futures indicate a drop at the opening, knowing that the day before (Thursday) they had already experienced a significant drop.
Jeremy Stretch, the head of foreign exchange strategy at CIBC Markets, stated: "Now everyone feels that the probability of a rate cut in December has returned to a 50-50 chance, and with worries about a potential AI bubble burst, market sentiment has completely unraveled. Originally, the market was already fluctuating up and down this month, and now it’s even harder to stabilize."
What's worse is that the White House threw cold water on hopes—everyone was originally looking forward to clarity on the U.S. economic situation, but the White House stated that the unemployment data for October may never be found. This makes everyone feel that the Federal Reserve will continue to hold off on action, insisting on waiting for clearer information before taking any steps.
