BusinessPostCorner.com
No Result
View All Result
Thursday, June 5, 2025
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
BusinessPostCorner.com
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
No Result
View All Result
BusinessPostCorner.com
No Result
View All Result

European stocks rise after overnight rally on Wall Street

May 11, 2023
in Finance
Reading Time: 2 mins read
A A
0
European stocks rise after overnight rally on Wall Street
ShareShareShareShareShare

European stocks ticked up on Thursday as traders took heart following an overnight rally on Wall Street, and the Bank of England raised interest rates in line with market expectations.

Europe’s region-wide Stoxx 600 was 0.1 per cent higher, recovering from two successive down days, led higher by strong healthcare sector performance. France’s Cac index rose 0.3 per cent.

Investors were encouraged overnight by US inflation data that came in slightly weaker than expected, bolstering traders’ belief that the Federal Reserve may soon halt its rate-tightening campaign.

The tech-heavy Nasdaq Composite added 1 per cent on Wednesday to close at its highest level since June. Lower rates increase the appeal of companies that promise long-term growth. Contracts tracking the S&P 500 and the tech-heavy Nasdaq were both flat ahead of the New York open on Thursday.

London’s FTSE 100 was down 0.4 per cent after the Bank of England raised its benchmark rate for the 12th consecutive time, by 0.25 percentage points to 4.5 per cent, as was anticipated by markets.

“Stubbornly high inflation, continued tightness of the labour market and further rate hikes by other major central banks have left the Bank of England with no choice but to raise its benchmark interest rate again”, said Yael Selfin, chief economist at KPMG UK. Traders expect rates to peak at 4.75 per cent in September.

The pound edged up against the dollar after the announcement, reversing earlier losses, to trade 0.3 per cent higher on the day at $1.26.

Meanwhile, uncertainty over the US debt ceiling continues to cast a shadow over markets after US Treasury secretary Janet Yellen warned earlier this month that the government could run out of money as soon as June 1.

Former US president Donald Trump on Wednesday urged Republican lawmakers to let the US default on its debts unless Democrats capitulate to demands for “massive” spending cuts. The yield on the interest rate-sensitive two-year Treasury rose 0.02 percentage points to 3.91 per cent, while the yield on the 10-year note was flat at 3.42 per cent.

Asian equities struggled for direction after weak inflation data in China pointed to weakening demand, but traders hoped the similarly soft US data would support stock market valuations. Chinese consumer price inflation slowed to its weakest level in two years.

Hong Kong’s Hang Seng index shed 0.2 per cent, while Japan’s Topix declined 0.3 per cent. China’s CSI 300 added 0.1 per cent and South Korea’s Kospi rose 0.4 per cent.

Additional reporting by William Langley in Hong Kong

Credit: Source link

ShareTweetSendPinShare
Previous Post

Rapid growth at Carta: strategic HR lessons learned

Next Post

Ethereum Bot Operated by Jaredfromsubway.eth Bags More Than $40 Million in Three Months

Next Post
Ethereum Bot Operated by Jaredfromsubway.eth Bags More Than  Million in Three Months

Ethereum Bot Operated by Jaredfromsubway.eth Bags More Than $40 Million in Three Months

Big Tech is back in S&P 500 driver’s seat as profit engines hum

Big Tech is back in S&P 500 driver’s seat as profit engines hum

June 1, 2025
Coinbase-Backed Symbiotic Launches ‘Relay’ for Trustless Multichain Staking and Consensus

Coinbase-Backed Symbiotic Launches ‘Relay’ for Trustless Multichain Staking and Consensus

June 3, 2025
Millionaires shouldn’t get winter fuel payments, minister says

Millionaires shouldn’t get winter fuel payments, minister says

May 30, 2025
UK threatens to sue Abramovich over Chelsea sale

UK threatens to sue Abramovich over Chelsea sale

June 3, 2025
Binance Research: RWA Token Market Hits B as Private Credit Leads 260% Surge in H1 2025

Binance Research: RWA Token Market Hits $23B as Private Credit Leads 260% Surge in H1 2025

June 5, 2025
Forget tacos, can Trump have his tariff cake and eat it too? Wall Street’s biggest bull thinks so

Forget tacos, can Trump have his tariff cake and eat it too? Wall Street’s biggest bull thinks so

June 1, 2025
BusinessPostCorner.com

BusinessPostCorner.com is an online news portal that aims to share the latest news about following topics: Accounting, Tax, Business, Finance, Crypto, Management, Human resources and Marketing. Feel free to get in touch with us!

Recent News

Donald Trump attacks ‘hostile’ Elon Musk as row over tax bill erupts

Donald Trump attacks ‘hostile’ Elon Musk as row over tax bill erupts

June 5, 2025
Binance Research: RWA Token Market Hits B as Private Credit Leads 260% Surge in H1 2025

Binance Research: RWA Token Market Hits $23B as Private Credit Leads 260% Surge in H1 2025

June 5, 2025

Our Newsletter!

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2023 businesspostcorner.com - All Rights Reserved!

No Result
View All Result
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources

© 2023 businesspostcorner.com - All Rights Reserved!