European stocks rose to a new all-time high on Tuesday and the U.S. dollar held firm, as traders reduced their expectations for Federal Reserve rate cuts and waited for euro zone inflation data to give clues about the European Central Bank’s path.
The pan-European STOXX 600 index was up 0.2 per cent at 0901 GMT, having hit a new all-time high earlier in the session. London’s FTSE 100 index was up 0.3 per cent and France’s CAC 40 advanced 0.2 per cent while Germany’s DAX was flat.“That broad upbeat mood which lifted stocks quite impressively across the first quarter seems to be sticking around as we kick off the second quarter,” said Fiona Cincotta, senior markets analyst at City Index.
Monday’s U.S. manufacturing data sent yields on U.S. Treasuries higher and they remained elevated in early European trading, with the benchmark U.S. 10-year yield at 4.3212 per cent, compared to the previous session’s two-week high of 4.337 per cent . The yen was steady against the dollar at 151.625. Traders are watching for any signs of intervention from Japanese authorities, after it touched a 34-year low of 151.975 last week.
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