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Morning Report 19 Dec 24: Stocks and bonds drop after Fed’s hawkish cut
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The US Federal Reserve has cut interest rates by 25 basis points but surprised investors by signaling a reduced forecast for future cuts. Meanwhile, the Dow Jones is on track for a 10-day losing streak, potentially marking its worst performance since 1974. In corporate news, Birkenstock shares are climbing amid a surge in demand for sandals, while speculation of a Honda-Nissan merger has sent ripples through the European car market. On the currency front, the US dollar has hit its highest level since November 2022, putting additional pressure on the Australian dollar, which continues to slump. Looking ahead, Aussie shares are expected to open lower on Thursday, weighed down by declining iron ore prices.
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