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Global stocks up slightly as markets await outcome of Federal Reserve meeting

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While there are hopes that a banking crisis will still be averted, this outlook is being tempered by uncertainty about the US central bank’s decision on interest rates

London — World stocks were cautiously higher on Wednesday as hopes that a banking crisis would be averted were tempered by uncertainty ahead of a Federal Reserve meeting that will see the central bank caught between taming inflation and maintaining stability.

“So far, the banking issues are more idiosyncratic than systemic, and a system breakdown has become far less likely in the wake of the extraordinary deposit support announced by the Fed in the wake of the Silicon Valley Bank collapse,” said Padhraic Garvey, regional head of research, Americas at ING.

How Powell navigates all this in his 6.30pm GMT news conference could determine whether markets succumb to fresh selling or stabilise further.

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