Global stocks were mixed on Tuesday after Wall Street retreated as surprisingly strong U.S. manufacturing data cast doubts over how soon the Federal Reserve might cut interest rates. European markets opened mostly higher, but Germany’s DAX then slipped, losing 0.1% to 18,525.79. In Paris, the CAC 40 was flat at 8,206.00. In London, the FTSE 100 was up 0.3% at 7,976.39. The future for the S&P 500 was less than 0.1% lower and that for the Dow Jones Industrial Average dropped 0.3%.
economy remains strong despite high interest rates. That’s a positive for the stock market because it can drive growth in profits for companies. But it can also keep upward pressure on inflation. That in turn could mean a more hesitant Federal Reserve when it comes to the cuts to interest rates that investors crave. Following the manufacturing data, traders on Wall Street briefly trimmed bets on the first cut to rates coming as soon as June.
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