NEW YORK, March 3 ― Wall Street stocks opened higher, while Treasury yields and the dollar pulled back on Friday, as risk appetite was boosted by data pointing to economic growth, even as expectations for rate hikes kept bond yields near multi-year highs.
The positive market sentiment continued during the European session, with Europe's STOXX 600 up 0.74 per cent. Estonian central bank chief Madis Müller made the case for further ECB rate hikes today, while ECB Vice President Luis de Guindos warned of persistent inflation. Investors are trying to gauge the path for Federal Reserve rate hikes, after strong US data in recent weeks suggested rates may need to be higher for longer. Several Fed officials are set to speak later today.
The MSCI world equity index, which tracks shares in 47 countries, was up about 0.6 per cent on the day, on track for a slightly positive week.
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