Business

Open to close after Fed cancels hawk bets


LONDON – European markets will rise on Thursday, tracking global sentiment after the US Federal Reserve raised speculations of more aggressive monetary tightening.

His FTSE 100 is set to increase by about 87 points to 7,580, of Germany DAX is expected to increase by about 315 points to 14,286 and that of France CAC 40 about 139 points higher at 6,535.

Fed on Wednesday increase its benchmark interest rate rose half a percentage point, the biggest gain in two decades, as it looks set to rein in inflation that is at a 40-year high. The central bank will also begin reducing its balance sheet in June.

However, Chairman Jerome Powell rule out stronger rallies in future policy meetings, making relief rally on Wall Street as traders began to favor the Fed to curb inflation without triggering a recession.

US stock futures was muted in early premarket trading on Thursday after Dow rallied more than 900 points in Wednesday’s usual trading session.

Shares in Asia – Pacific also rose in Thursday’s trade following the Fed’s decision, with mainland Chinese stocks rallying as they returned to trading after a few days of public holidays.

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The focus in Europe on Thursday will shift to Bank of EnglandIt’s a expected to announce fourth rate hike in a row to combat soaring prices.

The war in Ukraine is still in the sights of investors. Russian forces are said to have renewed their attack on the Azovstal steel complex, the last stronghold of Ukrainian warplanes in the southern port city of Mariupol.

While, EU has proposed a gradual ban on Russian oil in the sixth round of sanctions against Moscow since the gratuitous invasion of Ukraine.

Corporate earnings continue to guide individual stock price action in Europe. Shell, BMW, Leonardo, UniCredit, Intesa Sanpaolo, Banco BPM, Societe Generale, Credit Agricole, AXA, Stellantis and Air France KLM were among those reporting before the bell on Thursday.

Ordered to CNBC PRO for exclusive insights and analysis as well as live coverage of the business day from around the world.



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