Global shares struggled for traction on Tuesday as mixed messages from U.S. policymakers and a wobble in the Chinese yuan left traders unsettled and tentative ahead of Friday’s release of U.S. inflation data.
In early trading in Europe, Britain’s FTSE 100 slipped 0.3 per cent while Germany’s DAX advanced 0.26 per cent and France’s CAC 40 added 0.07 per cent. The 14-per-cent decline in the yen’s value over the past 12 months fed a surge in Tokyo’s Nikkei index to record highs this month, but stirred concern among Japanese officials that the recent depreciation is problematic.
Meanwhile, yuan, which the Chinese central bank fixed at a firmer level earlier in the day, also gained ground on the dollar, which fell 0.1 per cent in the offshore market to 7.2464. Chicago Fed President Austan Goolsbee said he had pencilled in three rate cuts this year, while Fed Governor Lisa Cook urged caution and Atlanta Fed President Raphael Bostic reiterated Friday remarks trimming his expectations to one cut.
U.S. interest rate futures price about three Fed rate cuts this year and about a three-in-four chance of the first cut in June.
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