World stocks start the week with modest gains

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Trading was thinned by a US holiday and investors predict another choppy session

20 June 2022 - 11:55London — Stock markets chalked up modest gains on Monday after last week’s hefty losses as investors braced for a host of US Federal Reserve speakers this week, where they could underline a commitment to fight inflation whatever rate pain required.The euro was little moved after French President Emmanuel Macron lost control of the National Assembly in legislative elections on Sunday, a major setback that could throw the country into political paralysis.By 9.

Investors will be hoping it does not match the average duration of 289 days, given it would not end until October 2022. The focus on the path for interest rates and inflation is likely to dominate markets this week too. A series of central bank hikes last week, including a surprise move by the Swiss National Bank, will be followed by more tightening as policymakers try to tame soaring price growth.

“Markets are still digesting the higher re-pricing of Fed rate expectations, and global risk assets may struggle to show any sustainable rebound for now. All this should keep the dollar mostly in demand in a week where markets will focus on Powell’s testimony,” ING analysts said in a note.The Fed last week vowed its commitment to containing inflation was “unconditional”, while Fed Governor Christopher Waller said on Saturday he would support another hike of 75 basis points in July.

 

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