Global stocks head for fourth straight week of gains

An employee passes share price information displayed on an electronic ticker board inside the London Stock Exchange Group’s offices in London, the UK. Picture: BLOOMBERG VIA GETTY IMAGES/LUKE MACGREGOR

“Inflation seems to have turned and that was positive, the growth stocks are outperforming again,” said Matthias Scheiber, global head of portfolio management for multi-asset solutions at Allspring. Investors are focused on further inflation data later on Friday, with the publication of the University of Michigan’s preliminary survey of consumers for August.

Chicago Fed President Charles Evans said he believed the Fed would likely need to lift its policy rate to 3.25%-3.5% this year and to 3.75%-4% by the end of next year, in line with what Fed Chair Jerome Powell signalled after the Fed’s latest meeting in July. “The key question is how far and how fast it will fall. We believe inflation will be quite sticky and central banks will need to be more hawkish than consensus.”

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