Premarket: Global stocks drift as investors balance peak rate hopes with oil price rise

MSCI’s broadest index of world stocks, which rose almost 6% last month as the U.S. Federal Reserve paused its cycle of aggressive rate hikes, was flat in light trading, with Wall Street closed for the July 4 holiday.Earlier in the session, Australia’s central bank held interest rates steady at 4.1%, saying it needed time to assess the economic impact of its rate hikes so far.

This followed data on Monday from the Institute of Supply Management that showed U.S. manufacturing activity slumped in June to levels last seen during the initial wave of the COVID-19 pandemic in May 2020. Purchasing managers surveys showed a similar factory downturn in the euro zone. The minutes from the central bank’s last meeting are due later this week and could provide additional clues on policy direction, but also inject some volatility, he said.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock market today: Wall Street drifts higher ahead of July 4th holiday in U.S.World shares rose Monday as investors took heart from reports that show inflation is abating, which might enable the Federal Reserve to back away from interest rate hikes.
Source: CTVNews - 🏆 1. / 99 Read more »

Stock market today: Wall Street drifts at start of shortened trading day after its big rallyStocks are drifting at the start of a shortened trading day Monday as momentum slows on Wall Street following a powerful rally.
Source: CP24 - 🏆 30. / 67 Read more »