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According to the FedWatch Tool by CME Group, Fed funds futures show a 52.6% probability of rate cuts in June and a 35.5% probability of keeping them at current levels, which is a sharp change compared to the probability of cuts in March, which stood at 62%.
The pan-European STOXX 600 index (.STOXX) rose by 0.43%, continuing its fifth consecutive week of gains and reaching a new record closing level. The French CAC40 index (.FCHI) and the German DAX index (.GDAXI) also closed at new record levels.
The dollar is poised for its biggest weekly decline in 2024 as investors slow their pace and await further cues regarding the global economy.
The dollar index increased by 0.029%, while the euro decreased by 0.03% to $1.082.
Regarding European data, sentiment among German businesses in the largest economy in Europe unexpectedly declined in December, according to a survey by the Ifo Institute.
Yields on German bonds continue to rise for the third consecutive week as economic data and statements from central bank officials undermine investors' hopes for a swift interest rate cut by the European Central Bank this year.
The Japanese stock market was closed due to a holiday on Friday, but Nikkei futures rose by almost 1%, suggesting that Japanese stocks will continue their record growth next week.
Chinese stocks fluctuate between gains and losses. The Shanghai Composite index (.SSEC) rose above the key psychological level of 3,000 points. For the week, it rose by 4.6%, climbing approximately 10% from a five-year low set over two weeks ago.
The Hang Seng index (.HSI) in Hong Kong fell by 0.1%.
Data released on Friday showed that new home prices in China declined in January for the seventh consecutive month, causing instability in sentiment as policymakers' efforts to restore trust in the debt-laden sector are slowly progressing.
The yield on two-year Treasury bonds, reflecting expectations regarding interest rates, fell by 2.2 basis points to 4.692%, while the yield on benchmark 10-year bonds decreased by 7.5 basis points to 4.252%.
10-year bond yields reached a three-month high at 4.3540% overnight. Futures for US crude oil fell by $2.12 to $76.49 per barrel, while Brent crude oil prices dropped by $2.05 to $81.62 per barrel. Gold prices are poised for a weekly gain, thanks to the weakening dollar. Futures for US gold rose by 0.9% to $2049.40 per ounce.
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