Shares in Nokia were up by less than 0.1 per cent after the Finnish telecom equipment maker said it will slash up to 11 per cent of its workforce within two years. ― Reuters picNEW YORK, March 17 — Hopes for an economic recovery helped push European stock markets higher yesterday, while trading was mixed in New York with attention focused on the Federal Reserve’s much-anticipated policy meeting this week.
Elsewhere, the dollar was mixed against its main rivals and oil prices slid on profit-taking after recent strong gains. The firm is looking to cut costs and focus on a few key areas in the face of tough competition over super-fast 5G networks.The Fed’s two-day policy meeting beginning yesterday is front and centre on investors’ minds as they look for its response to the rally in US bond yields that has rattled trading floors.
Fed boss Jerome Powell “will rely on the short-term risks to the outlook to defend his ultra-easy monetary stance,” OANDA’s Edward Moya agreed. However, the recovery has investors concerned about inflation that could force national banks to wind down the ultra-loose monetary policies that have helped send equities higher.