A look at the day ahead in European and global markets from Ankur Banerjee
A risk-on rally fuelled by rising expectations the Federal Reserve will stand still on interest rates in two weeks, and by relief that the congress approved a U.S. debt-limit suspension, took hold in Asia and looked set to continue as Europe wakes up.
The U.S. Senate late on Thursday passed bipartisan legislation backed by President Joe Biden that lifts the government's $31.4 trillionAnd so, the U.S. averts what would have been a first-ever and catastrophic default. The Treasury Department had warned it would be unable to pay all its bills on June 5 if Congress failed to act.
Markets though seemed to have moved on to focus on what the Fed will do in two weeks as U.S. economic data bolstered the case for the Fed to stand pat. Dovish rhetoric from Fed officials, including comments by Philadelphia Federal Reserve President Patrick Harker on Thursday that it was "time to at leastFutures trading indicated an 80% probability that the Fed will refrain from raising rates, compared with a 48% probability a week earlier, according to the CME FedWatch tool.
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