London — Strong earnings at Credit Agricole and Lufthansa lifted stocks on Thursday as tension over Nancy Pelosi’s visit to Taiwan eased and markets bet the Bank of England will hike interest rates by the largest amount since 1995 to quell inflation.
Oil prices rebounded from six-month lows, while the dollar was underpinned by US Federal Reserve officials pushing back against suggestions they will slow the pace of interest rate hikes, with one saying a 50 basis point hike would be “reasonable”. “The UK economy is going into recession and there is nothing they can do about that and the Bank of England’s primary focus should be on pulling inflation down from its current levels, and frontload like the Fed is doing,” Hewson said.
“The big picture here is that it's going to require quite a lot to restore price stability. The risk here is that we underestimate how powerful a force it is we are dealing with,” Elmgreen said. An ISM survey on Wednesday showed the US services industry unexpectedly picked up in July, prompting a sell-off in bonds and rallies for US stocks and the dollar, with the Nasdaq up 2.5% to a three-month high.
Fed funds futures remain priced for rate cuts to be under way by the middle of 2023 and the inversion of the US yield curve, with 10-year yields below two-year yields, suggests investors think that the hiking path will hurt growth.
Source: Financial Digest (financialdigest.net)
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