LONDON, July 20 —World shares hit a three-week high today as strong US corporate earnings and the expected resumption of Russian gas supply to Europe allayed fears of a recession, though the dollar hovered near two-week lows on lower US rate hike expectations.
In contrast, Reuters reported European Central Bank policymakers are mulling raising rates by a bigger-than-expected 50 basis points on Thursday. European stocks were steady and Britain’s FTSE 100 rose 0.54 per cent, lifted by oil and mining stocks and shrugging off data showing UK inflation at a new 40-year high.
“A further bounce in risk assets is quite possible but we think it is too early to shift from a defensive stance. The greenback will likely remain on the front foot into 3Q22.” said Sim Moh Siong, senior currency strategist at Bank of Singapore. The Bank of Japan also delivers a policy decision on Thursday, but is not expected to make any changes to its ultra-easy stance.
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