Five Things You Need to Know to Start Your Day: Asia
Chinese banknotes in a counting machine in Hong Kong.
Photographer: Lam Yik/BloombergGood morning. US stocks break 36th record this year. Russia’s yuan uptake risks hitting limits. Anthem Bioscience weighs an IPO. Here’s what’s moving markets. — Isabelle Lee
US stocks closed at all-time highs for the 36th time this year after Federal Reserve Chair Jerome Powell’s remarks to Congress did little to alter bets that the central bank will be able to cut interest rates this year. Equities edged upward, defying concerns about an overstretched market. The S&P 500 rose for a sixth straight day — its longest winning streak since January. While Powell was careful not to offer a timeline for rate cuts, he emphasized mounting signs of a cooling job market after government data showed a third straight month of rising unemployment. Treasuries pared losses after a solid $58 billion sale of three-year notes, though a rout in European bonds kept a lid on the market. Swaps traders continued to project two rate cuts in 2024.