Premarket: European stocks rise on ‘soft landing’ hopes, China reopening

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MSCI’s all-country index nears its best level since mid-December amid continued investor optimism

European stock indexes rose in early trading on Monday, boosted by investors scaling back their expectations for U.S. Federal Reserve rate hikes and optimism about China’s borders reopening.

A soft landing is the ideal Federal Reserve policy goal after raising interest rates, a situation in which inflation slows but there are not enough job losses to trigger a recession. The U.S. dollar index was down around 0.1%, still near its lowest in seven months after it dropped 1.2% on Friday.China’s offshore yuan neared its highest in five months versus the U.S. dollar at 6.7885, while the Australian dollar - often seen as a proxy for risk appetite - was up 0.8% on the day at $0.6928, having touched its highest since late August earlier in the session.

Oil prices climbed by more than 2%, as China’s reopening overshadowed concerns about a global recession.

 

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