Traders work on the floor of the New York Stock Exchange in New York City, US on January 10 2022. Picture: REUTERS/BRENDAN MCDERMIDGlobal stocks edged up and bond yields clung to recent highs on Tuesday as investors awaited US Federal Reserve chair Jerome Powell’s appearance before the Senate banking committee, hoping for clues to the timing of expected policy tightening.
The MSCI All Country stock index nudged 0.2% up to 742.93 points on Tuesday. In Europe, the Stoxx index jumped 1%, snapping a three-day losing streak to enjoy its best day in nearly three weeks. The Nikkei index fell 0.9% as trading resumed after a holiday on Monday. Australian stocks shed 0.8%, Taiwan added 0.3% and Seoul was steady. Hong Kong ticked 0.1% higher and China’s 300 index shed 0.8%.US December consumer inflation data will be released on Wednesday, with the headline CPI seen coming in at a red-hot 7% on a year-on-year basis, boosting the case for rates to rise sooner rather than later.
He did not mention the central bank’s plans to hike rates explicitly and this week's hearings are the first opportunity for Powell and Brainard to shed more light on their views.
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