European stocks rose after an upbeat forecast from German carmaker Volkswagen prompted a rally in the automobiles sector. — Reuters picNEW YORK, March 16 — Wall Street’s S&P 500 index ended lower yesterday and a gauge of global equities was close to flat as investors awaited the Federal Reserve and other central bank meetings this week, where regulators will indicate whether they will retain policies supporting a post-pandemic recovery.
But oil prices fell for a third day after Germany, France and other European countries suspended use of AstraZeneca’s Covid-19 vaccine, threatening economic growth and fuel demand, and tarnishing vaccine rollouts as a pillar for a global recovery. The Nasdaq rose to a two-week high on a rebound in tech stocks at the heart of February’s sell-off. MSCI’s benchmark for global equity markets, which is heavily weighted to the big US technology firms, advanced 0.14 per cent to 677.96.
European stocks rose after an upbeat forecast from German carmaker Volkswagen prompted a rally in the automobiles sector. The broad FTSEurofirst 300 index rose 0.8 per cent, closing in on its record peak of February 2020, while the regional autos sector jumped 2.1 per cent to its highest level since June 2018.
The Fed is targeting maximum employment and higher inflation expectations, and will do whatever it can to get higher inflation, said Steven Ricchiuto, US chief economist at Mizuho Securities USA LLC in New York. The Bank of England also meets this week, tomorrow, and the Bank of Japan wraps up a two-day meeting on Friday.US President Joe Biden’s order to make vaccinations available to all adults by May 1 contrasted with stuttering rollouts in Germany, France and elsewhere, where use of the AstraZeneca vaccine has been suspended amid concern over possible serious side effects.
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