London — European stocks gained ground on Friday as hopes that central banks would loosen policy offset trade friction and the threat of global recession, putting indices on track for their best week in two months.
"The fact is that market participants are already betting on the first [Fed] cut in July, which looks a bit early in my view," said Christophe Barraud, chief economist and strategist at Market Securities, a brokerage in Paris. Trump said on Thursday he would decide after a Group of 20 meeting in Japan later in June whether to carry out his threat to hit Beijing with new tariffs on at least $300bn worth of Chinese goods.
The Fed's move is widely seen as influencing how other major central banks will act, even if the ECB and Bank of England have less room to manoeuvre with uncertainty over Brexit still pervasive. "The data would have to surprise significantly to the downside, based on the analysts consensus, for the markets to act more significantly," said Thu Lan Nguyen, forex strategist at Commerzbank in Frankfurt.
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