US. stocks advanced and the dollar rose after the Federal Reserve acknowledged economic growth is solid. The S&P 500 Index edged higher by 0.2% after the Fed reinforced expectations for a December rate increase by subtly upgrading its assessment of the economy.
In other news, reports yesterday stated that President Donald Trump will nominate Jerome Powell to lead the Federal Reserve. Powell will inherit a central bank that anticipates eventually reaching its 2% inflation target, given a strengthening labour market and solid economic activity.
Europe
European stocks rose, advancing 0.6%, as basic resources companies jumped to the highest level since 2013 and the euro slid for a second day, boosting the sentiment for the region’s exporters.
In the UK, anything other than a rate hike from the Bank of England today would be a surprise to markets. Governor Mark Carney may signal even more tightening if the economy performs in line with new forecasts, but this is very unlikely.
Asia
In Asia overnight, Chinese shares declined 0.4% as a rally by insurance companies wavered and a measure of China’s tech and small cap shares fell. Japanese stocks gained 0.5%.
We use cookies to give you the best possible online experience. If you continue, we'll assume you are happy for your web browser to receive all cookies from our website. See our cookie policy for more information on cookies and how to manage them. Cookie Policy