Bitcoin price today: muted at $118k but altcoins soar as House passes new bills
The rand strengthened on Wednesday as the South African Reserve Bank (SARB) kept interest rates unchanged, as anticipated. The monetary policy committee kept the repo rate at 8.25%, the same level as in May 2023, after a total increase of 475 basis points since the commencement of the rate-hiking cycle in November 2021. The FTSE/JSE tracked firmer global markets as investors anticipated the release of the Personal Consumption Expenditures (PCE) price index data for February 2024, which could provide insight into the path of inflation.
With the expectation of looser monetary policy and robust risk appetite, European equities continued to rally on Wednesday, extending their strong momentum from the previous week and a half. Furthermore, economic sentiment in the Eurozone increased to a three-month high of 96.3 in March 2024, marking an uptick from February's revised figure of 95.5 and aligning with market expectations. The improvement has spurred optimism that the currency bloc's economy may favour its corporate environment. The STOXX 50 added 0.30% to reach a new 23-year high of 5 080 points, while the pan-European STOXX 600 edged above the flatline to extend its record high to 512.
Wall Street rebounded on Wednesday after suffering setbacks in the previous two sessions. Apple (NASDAQ:AAPL) and Intel (NASDAQ:INTC)'s impressive results drove the blue-chip Dow higher by 478 points. The S&P 500 added 0.80% to close at a record high, snapping a three-day losing streak. The Nasdaq added 0.40%, held back by losses from AI giant Nvidia (NASDAQ:NVDA).
Asian markets fell on Wednesday, with mainland stocks dropping to near one-month lows due to negative market sentiment and ongoing foreign outflows. Chinese equities fell alongside Wall Street overnight as investors took profits and reviewed market valuations after a spectacular rise to record levels.
Gold gained 0.51% to $2 189.49/oz, while platinum lost 0.90% to $894.4/oz. Brent crude was 0.16% firmer at $85.39 a barrel at the close of local business.
