SINGAPORE: Asian stocks rose and sterling stumbled on Thursday as cooling UK inflation lifted risk appetite ahead of central bank meetings next week, while disappointing earnings results from Netflix and Tesla pushed US futures lower.
China stocks have been under pressure in recent weeks as soft economic data weighed on sentiment, with investors waiting for meaningful stimulus to jump-start the country’s stuttering post-pandemic recovery. Britain’s high rate of inflation fell more than expected in June to its slowest in over a year at 7.9%, data showed on Wednesday, with markets dialling back expectations of further aggressive rate hikes from the Bank of England.The Bank of England is due to meet in the first week of August but before that central bank meetings in Japan, Europe and the US will likely grab investors’ attention.
Markets seem a lot more certain of the Federal Reserve’s next steps, with traders expecting a 25 basis point hike but no more after that. Overnight, the Dow Jones Industrial Average and S&P 500 index rose modestly, with the blue-chip Dow registering its eighth straight day of gains.
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