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Today on Wall Street: Powell says on track to cut rates this year, gold sparkles at record high, Japanese market positive, Morgan Stanley lowers Tesla’s forecast.

Today on Wall Street

In top global news, Jerome Powell reiterated the likelihood of rate reduction this year but did not specify a date, Japanese and Australian markets set news highs, and more.

Jerome Powell, head of the US Federal Reserve, suggests rate decreases this year but has no schedule, while Japanese and Australian markets achieve record highs. Gold reaches new highs on rate cut bets, Morgan Stanley lowers Tesla’s target price amid falling Chinese demand, and more on March 7 World Street edition:

Powell Presets 2024 Rate Cuts

On March 6, Federal Reserve Chair Jerome Powell said he expects interest rates to fall this year but cannot specify when. Powell stated in his congressionally mandated Capitol Hill speech that policymakers are conscious of inflation concerns and don’t want to loosen up too fast.

Gold Rally glitters

Gold set a record high on March 7 as prospects of US monetary policy easing drove its surge. Gold rose 0.8 percent to $2,145.49 an ounce, peaking at $2,152.09. US gold futures rose 0.8% to $2,158.2.

Japanese markets upbeat

Several Asia-Pacific stock indices reached record highs March 7. Japanese Nikkei 225 achieved a record 44,472 and broad-based Topix 2,755. Australia’s S&P/ASX 200 reached a record 7,767. The rise followed Powell’s statement that the US central bank may decrease rates but was “not immediately ready”.

US passes funding bill

The Republican-controlled US House of Representatives passed a plan to finance numerous federal agencies through October’s fiscal year. Government offices may close again if a new funding plan isn’t approved by March 8. Before interim financing for several agencies expires on March 8, the Senate must approve it.

EV demand falling

Tesla’s shares fell for the third day in a row on March 6 after Morgan Stanley lowered its projected price, stating EV demand is still decreasing in key regions like China, despite Tesla’s price cuts. Both Morgan Stanley and others worry about Tesla’s sales. After February’s disappointing Chinese sales, several experts are downgrading Tesla’s sales forecast.

Ukraine Attacks Russian Iron Ore Plant

The Russian border region of Kursk received a missile alert on March 6. Drones from Ukraine targeted a gasoline and lubricant depot at a large iron ore mine in Kursk. Two drones targeted Mikhailovsky GOK iron ore plant fuel facilities, sources say. The largest Russian iron ore producer, Metalloinvest, owns the facility.

A acne treatment ingredient linked to cancer

In a petition to the US Food and Drug Administration, an independent testing laboratory found high carcinogen levels in Proactiv, Target Corp.’s Up & Up, and Clinique acne remedies. The lab requested that the FDA recall all benzoyl peroxide-containing therapies while officials investigate.

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Today on Wall Street

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