On Wednesday, global stock markets experienced a notable upswing, attributed to President Trump's announcement reassuring investors that he would not dismiss Federal Reserve chair Jerome Powell. This news sparked confidence across European and Asian markets, with France's CAC 40 and Germany's DAX reporting significant gains. Additionally, U.S. shares were poised for a climb. Investors were further encouraged by Treasury Secretary Scott Bessent's comments on the need for de-escalation in U.S.-China trade tensions. However, many Wall Street strategists remain cautious amidst fears of potential recession if trade negotiations falter.
"I have no intention of firing him," Trump stated regarding Fed chair Jerome Powell, alleviating market fears and contributing to broad global market gains.
Tim Waterer, chief market analyst at KCM Trade, noted that market direction will be influenced by Trump's rhetoric on tariffs and trade, creating volatility.
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