World stocks shine after cautious ECB rate cut

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(Removes references to MSCI World Index at a record high in headline, 4th paragraph)By Marc Jones and Koh Gui QingNEW YORK/LONDON :World stocks hit an all-time high and the euro rose on Thursday after the European Central Bank cut interest rates for the first time in nearly five years, while...

European Central Bank President Christine Lagarde gestures as she addresses a news conference following the ECB's monetary policy meeting in Frankfurt, Germany, June 6, 2024. REUTERS/Wolfgang Rattay

MSCI's 47-country main world index rose as much as 0.3 per cent, before trimming gains slightly. Wall Street, however, went the other way, with the S&P 500 index down 0.2 per cent after hitting an all-time high. The Dow Jones Industrial Average was flat, and the Nasdaq Composite Index dipped 0.3 per cent, also down from an all-time high.

Stronger-than-expected data over the last few weeks, plus Thursday's increase in the ECB's in-house inflation forecasts, have raised doubts about how many more rates cuts will be justified this year. Canada's dollar trimmed some of the losses from its post-cut dip on Thursday to stand at C$1.37 per U.S. dollar.

Markets are now pricing nearly two quarter-point Fed cuts again this year, with a September move seen as a 68 per cent chance compared to 47.5 per cent last week.

 

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