Wall Street looks to have brushed off the latest hawkish Federal Reserve noises and Disney's outsize swoon, with European bourses stalking new records as Sweden becomes the latest G10 central bank to cut interest rates and oil prices plunged.Stocks futures and Treasury yields held pretty steady overnight even after Minneapolis Fed chief and known hawk Neel Kashkari said all policy options were on the table in getting inflation back in the bottle.
Helped by brisk demand for the hefty $58 billion sale of three-year notes on Tuesday and another sharp fall in crude oil prices, Treasury yields were relatively calm going into a $42 billion 10-year auction later on Wednesday. And European bourses looked set for record highs as Sweden cut interest rates on Wednesday and underlined the divergence between European central banks policymaking and the Fed's.
The Riksbank is the second of the major G10 central banks to ease, with the Swiss National Bank jumping the gun in March.With the European Central Bank now widely expected to cut rates next month, attention turns to Thursday's Bank of England meeting. Although no UK move is expected this week, there's considerable speculation the BoE may open the door for a rate cut in June too.
Asian stocks bucked the U.S. and European trend and wobbled across the board earlier, with Tokyo, Shanghai and Hong Kong all ending in the red.
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