ANL 31.50 Decreased By ▼ -0.37 (-1.16%)
ASC 19.80 Decreased By ▼ -0.69 (-3.37%)
ASL 23.96 Decreased By ▼ -0.26 (-1.07%)
BOP 8.27 Decreased By ▼ -0.02 (-0.24%)
BYCO 10.42 Decreased By ▼ -0.37 (-3.43%)
FCCL 22.73 Decreased By ▼ -0.12 (-0.53%)
FFBL 27.10 Decreased By ▼ -0.30 (-1.09%)
FFL 20.40 Decreased By ▼ -1.30 (-5.99%)
FNEL 8.78 Increased By ▲ 0.04 (0.46%)
GGGL 28.10 Decreased By ▼ -0.80 (-2.77%)
GGL 46.55 Decreased By ▼ -1.67 (-3.46%)
HUMNL 7.35 Decreased By ▼ -0.18 (-2.39%)
JSCL 22.65 Increased By ▲ 0.02 (0.09%)
KAPCO 39.92 Decreased By ▼ -0.38 (-0.94%)
KEL 3.98 Decreased By ▼ -0.01 (-0.25%)
MDTL 3.75 No Change ▼ 0.00 (0%)
MLCF 45.75 Decreased By ▼ -0.81 (-1.74%)
NETSOL 166.06 Decreased By ▼ -2.69 (-1.59%)
PACE 8.15 Increased By ▲ 0.40 (5.16%)
PAEL 34.45 Decreased By ▼ -0.20 (-0.58%)
PIBTL 11.45 Decreased By ▼ -0.19 (-1.63%)
POWER 9.36 Decreased By ▼ -0.03 (-0.32%)
PRL 23.89 Decreased By ▼ -0.50 (-2.05%)
PTC 11.80 Decreased By ▼ -0.30 (-2.48%)
SILK 1.83 Increased By ▲ 0.01 (0.55%)
SNGP 56.25 Increased By ▲ 3.53 (6.7%)
TELE 14.75 Decreased By ▼ -0.10 (-0.67%)
TRG 167.26 Decreased By ▼ -0.99 (-0.59%)
UNITY 44.20 Decreased By ▼ -0.60 (-1.34%)
WTL 3.56 Increased By ▲ 0.03 (0.85%)
BR100 5,205 Decreased By ▼ -23.75 (-0.45%)
BR30 26,756 Decreased By ▼ -198.15 (-0.74%)
KSE100 47,793 Decreased By ▼ -80.19 (-0.17%)
KSE30 19,161 Decreased By ▼ -31.94 (-0.17%)

Coronavirus
HIGH Source: covid.gov.pk
Pakistan Deaths
22,971
3224hr
Pakistan Cases
1,001,875
1,84124hr
4.89% positivity
Sindh
363,101
Punjab
352,153
Balochistan
29,451
Islamabad
85,351
KPK
141,495

NEW YORK: A gauge of global stock markets strengthened on Wednesday, bolstered by gains on Wall Street, and benchmark US Treasury yields and the dollar dropped after the Federal Reserve signaled possible interest rate cuts over the rest of this year.

The US central bank held interest rates steady, as expected, but said it "will act as appropriate to sustain" the country's economic expansion as it approaches the 10-year mark and dropped a promise to be "patient" in adjusting rates.

The market expects the Fed could cut rates as soon as its next meeting, in July.

"I think it's right in line with market expectations, puts a July cut in play," said Brett Ewing, chief market strategist at First Franklin Financial Services in Tallahassee, Florida.

Nearly half of the Fed's policymakers now show a willingness to lower borrowing costs over the next six months.

Even policymakers who did not write down a forecast for a rate cut this year believe "that the case for somewhat more accommodative policy has strengthened," Fed Chairman Jerome Powell said in a news conference following the meeting.

Investors' hopes that the Fed would soon cut interest rates were fueled on Tuesday when European Central Bank President Mario Draghi hinted at economic stimulus, comments that drove up stocks and weakened yields.

"You have global central banks in a nearly orchestrated positioning, prepared to act if respective economies falter," said Quincy Krosby, chief market strategist at Prudential Financial in Newark, New Jersey. "Clearly the market is embracing it."

MSCI's gauge of stocks across the globe gained 0.70%. The index rose to its highest point in six weeks.

On Wall Street, the Dow Jones Industrial Average rose 38.46 points, or 0.15%, to 26,504, the S&P 500 gained 8.71 points, or 0.30%, to 2,926.46 and the Nasdaq Composite added 33.44 points, or 0.42%, to 7,987.32.

The pan-European STOXX 600 index ended little changed ahead of the Fed decision.

Investors will now turn attention to US-China trade relations, with a meeting between US President Donald Trump and his Chinese counterpart Xi Jinping set for next week's G20 meeting in Japan.

"You have the G20 summit coming up in a week and a half, said Eric Donovan, managing director, OTC FX-interest rates at INTL FCStone in New York. "It's kind of ridiculous to think that the Fed was going to cut today."

Benchmark 10-year US notes last rose 8/32 in price to yield 2.0302%, from 2.058% late on Tuesday.

The dollar index, which measures the greenback against a basket of currencies, fell 0.41%, with the euro up 0.31% to $1.1226.

US crude settled down 0.3% at $53.76 a barrel, and Brent settled at $61.82 a barrel, down 0.5%.

Copyright Reuters, 2019