LONDON, Aug 1 — World stocks hit seven-week highs today, buoyed by recent strong corporate earnings and declining expectations for hefty interest rate rises, while the dollar slid against the yen as speculators exited suddenly unprofitable short positions.
“There’s a sense of relief that the Fed have at least got an eye on slowing growth. They are not going to be pig-headed and keep hiking interest rates as the economy falls into deep dark recession,” said Giles Coghlan, chief currency analyst at HYCM. The US ISM manufacturing survey for July is due at 1400 GMT, forecast to give an expansionary reading of 52, according to a Reuters poll.
European stocks gained 0.17 per cent and Britain’s FTSE was up 0.33 per cent. Central banks in Britain, Australia and India are all expected to hike again this week. Speculators had been massively short on the yen against the dollar on rate hike bets and found themselves squeezed out by the sudden turnaround. The dollar was down 0.5 per cent at ¥132.60 , after hitting six-week lows.
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