Global Markets Rallies, Traders Eyes Statement on Rate Hikes by Bank of England and ECB
Traders closely anticipating to the decision of ECB and Bank of England on rates hike
Asian markets closed on upbeat weighing confidence on Fed addressing inflation concern as well as loosing the tightest monetary policy implemented in history during pandemic era.
The SET, KOSPI, TOPX, CSI300 and HSI closed inching up by 1.33%, 0.57%, 1.46%, 0.58% and 0.23% respectively.
Earlier on Wednesday, Federal Reserve announced to accelerate the pace of tapering and Fed dot map showed expectation of at least three rate hikes next year.
U.S futures and European indices advanced on Wednesday. The pan-European Stoxx 600 climbed 1.14 % to 476.11 index points while FTSE up by 0.92% and DAX up by 1.53%. U.S. futures are higher with Dow Jones Mini up by 0.43%, S&P 500 up by 0.52% and Nasdaq up by 0.59%.
Eyes on British central bank and European Central Bank’s statement on Thursday. Both regulator faces dilemma whether to hike rates as inflation numbers came in decades high and at the very same time the region is tackling reassurance of COVID-19 wave.
In the commodity market, crude oil rallied as demand boosted in the U.S. due to holiday season. The WTI is trading at $71.63 up by over 1% and Brent is trading at $74.58 up by nearly 1%.
The US-10-year benchmark yield dipped slightly to 1.448.