World stocks hit new all-time highs on Thursday as traders counted down to U.S. data that is expected to show inflation easing and pave the way for the Fed to start its long-awaited interest rate cut cycle as soon as September.
Bond markets and the dollar were broadly steady, keeping the yen on the weak side of 161 per dollar and near its lowest levels in decades, whereas it gave the sterling the room to climb to a 4-month high. That was after another surge in Nvidia and other Wall Street heavyweights had seen both the Nasdaq and S&P 500 close at new peaks.
Back in Europe, sterling’s four-month high of US$1.2874 came after British GDP data beat expectations and after the Bank of England’s chief economist on Wednesday had sounded vaguer about the timing of rate cuts than many traders had expected.The yen slipped as far as 161.7 per dollar. Data showed Japan core machinery orders unexpectedly down for a second month running, challenging expectations for interest rates to rise.
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