Global shares edged up on Thursday, while the U.S. dollar steadied below an 11week high as investors reassessed U.S. Federal Reserve statements on inflation and looked to upcoming data for direction.
In Europe, the STOXX 600 opened 0.5 higher ahead of the release of Germanys closelywatched Ifo business sentiment survey, expected to show a rise from twoyear highs.
Britains FTSE 100 shares made smaller gains as investors awaited a Bank of England meeting for the latest clues about how soon stimulus could be withdrawn as the economy bounces back from the COVID19 shock.
The MSCI world equity index was 0.1 higher, edging towards record highs hit earlier in June.
Wall Street futures pointed to a stronger open a day after the techheavy Nasdaq closed at a record high. SP 500 eminis and Nasdaq futures were both 0.3 firmer.
In Asia too markets made small gains. MSCIs broadest index of AsiaPacific shares outside Japan was 0.1 higher, recovering from a onemonth trough touched earlier this week, while Japans Nikkei was unchanged.
Stock markets have whipsawed over the last week, feeling the aftereffects of a surprise projection for rate increases as soon as 2023 by the U.S. Federal Reserve which knocked stocks, boosted the dollar and led to the flattening of the U.S. bond yield curve.
Investors are now pricing the first full U.S. interest rate rise for February 2023 compared to December 2022 in the immediate aftermath of the Fed meeting.
Overnight, 10year U.S. Treasury yields…