Premarket: Stocks show resilience to wall of worries over rates and inflation

Global shares were steady on Friday as investors scrutinized inflation data from both sides of the Atlantic to cap a rollercoaster quarter for markets that upended bets on interest rates peaking.

“Despite rising rates and worries of a recession, the market continues to climb a wall of worry and I think earnings will justify the multiples expansion that we’ve seen this year,” said Patrick Spencer, vice chair of equities as RW Baird. In early trading, Britain’s benchmark FTSE index was up 0.49 per cent, while Germany’s DAX advanced 0.66 per cent and France’s CAC 40 added 0.71 per cent.

Copper prices were set for their biggest quarterly fall since September 2022 on the weak Chinese data and prospects of further U.S. rate hikes. “There is a growing divergence in the path of inflation across the region, which is leading to some disagreement about the right path for policy,” said Rob Carnell, ING’s regional head of research, Asia-Pacific.

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