Rabu, 15 Juni 2022

European markets inch higher ahead of Fed rate decision; ECB holds emergency meeting - CNBC

LONDON — European stocks were cautiously higher on Wednesday as global markets await the latest monetary policy decision from the U.S. Federal Reserve.


The pan-European Stoxx 600 climbed 0.4% in early trade, with banks and insurance stocks adding 2% to lead gains while oil and gas stocks slid 1.6%.

The positive trade for regional markets on Wednesday came after several negative trading sessions in Europe, Asia and the U.S., marked by volatility as anticipation grows that the Fed, as well as other central banks, will resort to aggressive interest rate hikes to curb rampant inflation.

The Federal Open Market Committee will conclude its two-day meeting on Wednesday, and is expected to take aggressive action on interest rates. The U.S. consumer price index rose by an annual 8.6% in May, its highest year-on-year increase since 1981.

Traders had initially been looking for a 50-basis-point interest rate hike, but in light of Friday's red hot inflation print, the market is now pricing a more than 95% chance of a 75-basis-point increase, the biggest since 1994, according to the CME Group's FedWatch tool.

The European Central Bank will hold an unscheduled monetary policy meeting on Wednesday, with bond yields surging for many governments across the euro zone.

Shares in Asia-Pacific were mixed with markets also reacting to the latest Chinese economic data, including industrial production and retail sales for May. U.S. stock futures rose slightly in early premarket trading as investors anxiously awaited the Fed's decision.

In terms of individual share price movement, French automotive supplier Faurecia climbed 6.5% to lead the Stoxx 600, while at the bottom of the index, Swedish health care company Getinge plunged more than 15% after revising down its 2022 outlook.

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2022-06-15 05:06:23Z
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