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With US jobs growth remaining strong and inflation proving stickier than expected, speculation grew that the US Federal Reserve (Fed) would delay cutting rates until the end of 2024.

In agricultural commodity markets, cocoa soared after adverse weather brought a poor harvest, forcing chocolate prices higher. Among precious metals, gold hit successive record highs, responding to sticky US inflation and uncertainty over the path of interest rates. 

Market expectations for US interest rate cuts have seen a sea change since the start of 2024. Confident forecasts of six quarter point cuts have shrunk to fewer than two cuts by year end. Some commentators even predict that rates will be forced to rise again, with options markets pricing a 20% chance of a rate hike.