LONDON - Global shares struggled to advance on Monday while investors digested news of an unexpected cut in Chinese interest rates as data pointed to faltering growth in the world's second largest economy, sending oil prices nearly 2% lower.The MSCI all country index was barely firmer, a month-long advance having whittled away the benchmark's decline for the year to about 13%.
Hopes of smaller rate hikes on signs that U.S. inflation may be peaking helped Wall Street clock up its fourth straight week of gains by Friday.share average in Tokyo jump to its highest in more than seven months. "I do think it's going to be Fed driven if there is another leg down in markets. Quantitative tightening, I think, will begin in earnest in September and that's going to withdraw liquidity from the market," Armstrong said.
The Fed will publish minutes on Wednesday from its last rate-setting meeting, but investor hopes of them showing the central bank beginning to pivot on rate hikes could be dashed.
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