► European and US stocks are on the rise as investors digest the Federal Reserve's hints at nearing the end of its tightening cycle. Fed Chair Jerome Powell noted that financial conditions have “tightened significantly in recent months driven by higher, longer-term bond yields, among other factors.” Our chief analyst Robert Lindner says this was the most dovish Fed since the tightening campaign began.
► The Stoxx 600 index climbed over 1%, buoyed by the Federal Reserve's pause on interest rate hikes. Manufacturing data from the Eurozone came in alarmingly bad again – while the German and French PMIs came in-line with expectations, the deterioration in Spain and Italy was much worse than anticipated.
► Investors expect no change in interest rates from the Bank of England.
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