S&P 500 contracts and those on the tech-heavy Nasdaq 100 advanced at least 0.4 per cent after a rally on Wednesday that pushed the latter into a bull market. Retail shares led gains in the Stoxx Europe 600 Index, with Hennes & Mauritz AB soaring after the Swedish clothing company's first-quarter results beat expectations.
The current rally is built more on expectations than actions, leaving the market vulnerable should central banks — especially the Fed — disappoint investors, Veyret added. On the European economic front, Spanish inflation plummeted as energy costs retreated, though persistent underlying price pressures underscored the dilemma for the ECB as it weighs how much to raise interest rates. March's headline reading came in at 3.1 per cent — down from February's 6 per cent and much lower than the 3.7 per cent median estimate in a Bloomberg survey of economists.
The market is discounting 100 bps cuts this year. What a unprofessional headline. Should read “the markets continue climbing expecting no recession and 100 bps cuts”
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