China shifts to looser monetary policy boosting Australian dollar and gold prices
China's Politburo announced a shift to a "moderately loose" monetary policy, marking a change from its previous "prudent" approach. This decision aims to boost domestic demand and improve economic conditions, with expectations for increased fiscal measures. The Australian dollar rose significantly, benefiting from the positive outlook for China, while the U.S. dollar eased slightly against the euro and pound. European equities showed mixed results, with initial gains fading in morning trade. Gold prices increased by 0.9% to $2,656, supported by the news from China. Meanwhile, U.S. 10-year yields rose slightly, and WTI crude oil also saw a 1.3% increase.