Interest rates set to remain investors’ main focus ahead of inflation data from the US on Thursday, while Ukraine remains on the radarAn 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
The data added to the risk of aggressive rate rises by the Federal Reserve, however, and markets are also pricing in tightening in Britain and the eurozone. S&P 500 futures and Nasdaq futures both slipped 0.3%, after last week’s market turmoil in growth-sensitive tech stocks saw Amazon gain almost $200bn while Facebook-owner Meta Platforms lost just as much.
ECB policymaker Martins Kazaks pushed back against market expectations for a rate hike as soon as July in an interview with Reuters. He said the bank could end its stimulus programme earlier than planned, but it was unlikely to raise its main interest rate so quickly. Ten-year Treasury yields dipped after hitting two-year highs on Friday and German 10-year government bonds hovered at Friday’s three-year highs.
As a result, markets moved to price in a one-in-three chance the Fed might hike by a full 50 basis points in March and the prospect of rates reaching 1.5% by year end.
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