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Global stocks gain, set for best month since late 2020

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Traders bet a weakening US economy could slow the pace of monetary tightening in the world’s largest economy

London/Singapore — Global stocks rose on Friday, on course for their best month since late 2020 as traders bet a weakening US economy could slow the pace of monetary tightening in the world’s largest economy, while the dollar struggled broadly against its rivals.

Futures markets now predict that US interest rates will peak by December this year compared to June 2023 at the start of July month and the Federal Reserve will cut interest rates by nearly 50 bps next year to support slowing growth. Despite the positive end to the month for stocks, Mark Haefele, chief investment officer at UBS Global Wealth Management, said investors should proceed with caution.

The weakness came despite the Federal Reserve on Wednesday delivering an aggressive interest rate hike of 75 basis points, its third this year.

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