NEW YORK, Feb 24 — Global equities and crude oil rebounded from earlier losses yesterday even as economic data continued to show the strength of the US economy and validated the Federal Reserve’s tight monetary policy stance.
Minutes of the Federal Reserve’s last meeting released on Wednesday showed that officials favoured a moderation in the pace of rate hikes although they indicated that containing high inflation would be key in how much further rates need to rise. The MSCI world equity index, which tracks shares in 50 countries, was down 0.27 per cent. European stocks were up at just 0.06 per cent.
“When you see strong numbers at certain companies, it could be market moving and that’s what we’re seeing today — a bit of a relief rally,” Villere added. US Treasury yields edged lower in choppy trading, with those on the 10-year pulling back from three-month highs, as investors have priced in strong economic data.