Singapore — World stock markets rose and longer-dated bonds rallied on Thursday as investors reckoned rising inflation would bring forward rate hikes around the world.Europe’s Stoxx 600 index climbed to its highest point of the month as it opened up 0.6%. London’s FTSE and the DAX and CAC40 in Frankfurt and Paris were all going nicely, and Wall Street futures added 0.5% too.
That followed figures on Wednesday showing another solid increase in US consumer prices last month, along with minutes from September’s Federal Reserve meeting that suggested policymakers’ growing concern about inflation. Short-term treasury yields rose while long-term yields fell, flattening the curve. Gold was steady after enjoying its best session in seven months on Wednesday. Bitcoin, sometimes vaunted as an inflation hedge, rose 1.5% to a five-month high of $58,550.
Besides removing reference to Fed members “generally” expecting inflation pressures to ease, September’s minutes also showed agreement that tapering asset purchases will soon begin. Swaps markets have priced in about 90 basis points of rate rises by the end of 2023 despite the Reserve Bank of Australia insisting any hikes before 2024 are unlikely.
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