Early gains in the Stoxx Europe 600 Index were led by retailers, leisure and technology firms, alongside an advance in shares of Chinese tech companies. US futures were little changed.
“There’s an intense tug-of-war happening in the economy and markets,” said Dan Suzuki, deputy chief investment officer at Richard Bernstein Advisors. “On one side, you have a narrative that reasonable growth is going to support continued inflation pressure and keep the Fed hiking. The other narrative is that slowing growth is going to ease inflation and allow the Fed to stop hiking.”
Treasuries slipped, taking the US 10-year yield to 2.73 per cent as Fed officials indicated they were resolute on aggressive rate hikes to cool inflation. Oil hovered near US$90 a barrel, hampered by demand worries. Gold advanced and Bitcoin oscillated near US$23,000.
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