Global equity momentum fizzled on Friday, after chipmaker Intel Corp.'s grim quarterly forecast added to investors' trepidation over company earnings, and a robost set of U.S. economic data raised the possibility of continued rate hikes from the Federal Reserve.
Before the Intel report on Thursday, the S&P 500 index achieved its highest close in more than a month and the Nasdaq 100 rose two per cent to a four-month high. “Stronger data may negate the argument for recession, but then, it means the Fed has to be more hawkish,” Boardman-Weston said. “Markets are in a bit of a Catch-22.”
While the Fed is set to hike interest rates by 25 basis points next week — shifting away from last year's bigger moves — hopes for end-2023 rate cuts are “a step too far” and may end up being frustrated, according to Erick Muller, head of product and investment strategy at Muzinich & Co. Ltd.
Belgique Dernières Nouvelles, Belgique Actualités
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