Global markets weigh Fed’s comments that disinflationary process is underway, await decisions from other central banks
The bulls were in charge ahead of the European Central Bank and Bank of England’s first meetings of the year on Thursday, after the U.S. Federal Reserve bolstered the view that the surge in global interest rates was close to an end.had sent Wall Street up, the dollar down and kept Europe’s stocks 0.5% higher as the BoE and ECB loomed.
Dirk Schumacher, head of European macro research at Natixis, said that both the Fed and BoE were now effectively at the point of “fine tuning”, whereas the ECB still had more ground to cover having started its hikes later. The group’s flagship firm - Adani Enterprises plunged 10%, taking the wider group’s overall losses since the scandal erupted to more than $100 billion.
Wall Street’s overnight rally was given an additional boost by a $40 billion Meta share buyback plan which lifted tech stocks elsewhere, and Asia-Pacific shares closed up 0.2%. Europe’s focus is now on ECB and BoE meetings and the paths those two central banks are likely to take.
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