European stocks rally, futures gain; Bonds advance - BNN Bloomberg

Stocks in Europe gained, US futures edged higher and bonds advanced at the end of a week in which markets have been whipsawed by shifting expectations for monetary tightening by the Federal Reserve and worries over global economic growth.

S&P 500 and Nasdaq 100 contracts fluctuated before edging higher after Wall Street closed with a small drop as investors dialed back expectations of how aggressively the Fed will hike interest rates to combat inflation. Traders are awaiting earnings from CitiGroup Inc. and Wells Fargo & Co. Friday after disappointing results yesterday from JPMorgan Chase & Co. and Morgan Stanley.

Investors are weighing up how hawkish the Fed must be to curb inflation and the likely toll on the economy. Bets on a one-percentage-point July rate hike have been scaled back after the latest commentary pointed toward 75 basis points. The pace of monetary tightening along with ebbing liquidity still threatens to stir more market volatility after steep losses for stocks and bonds in 2022.

In the latest Fed comments, Governor Christopher Waller backed raising rates by 75 basis points this month, though he said he could go bigger if warranted by the data. St. Louis Fed President James Bullard echoed some of those comments, saying he favored hiking by the same amount.

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