LONDON: Stock markets enjoyed a tentative recovery on Thursday after better-than-expected Chinese export data and a steadying of the yuan restored some calm to global markets.
On Thursday, the pan-European Euro STOXX 600 rose 0.87per cent. Germany's DAX was up 0.84per cent and France's CAC 40 1.03per cent. The latest spasm began when central banks in New Zealand, India and Thailand surprised markets on Wednesday with aggressive interest rate cuts. Futures moved to price in a 100per cent probability of a Fed cut in September and a near 24per cent chance of a half-point cut. Some 75 basis points of easing is implied by January, with rates ultimately reaching 1per cent.
Source: Financial Digest (financialdigest.net)
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