U.S stocks gain as rate-pause signals lift sentiment - BNN Bloomberg

The Stoxx Europe 600 Index posted a modest gain after European Central Bank's Governing Council member Francois Villeroy de Galhau said the bank has already finished most of its interest-rate increases. Contracts for U.S. stocks pointed to a recovery after the S&P 500 and tech-heavy Nasdaq 100 closed Wednesday near session lows. Treasury yields stayed in a narrow range, with the two-year at 3.96 per cent.

“There is sufficient uncertainty for most people to see what they want to see,” said James Athey, investment director at Abrdn. “Equities are taking comfort from the lack of outright 'bad news' from the CPI print and the fact that the Fed is still sounding dovish relative to” February, when Fed Chair Jerome Powell suggested borrowing costs may reach a higher peak than traders and policymakers anticipate.

“Yes, they talked about recession, but they talked about the mild recessions. So no hard recession so far coming from these SVB fallouts,” Charles-Henry Monchau, chief investment officer at Syz Group, told Bloomberg Television, referring to the turmoil triggered by Silicon Valley Bank's collapse.

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