Stocks in Europe are up on the session as The People’s Bank of China cut the borrowing cost on 700-billion-yuan worth of one-year medium-term lending facility loans to 2.85%.
The hawkish tones from Federal Reserve members yesterday are still rippling through the markets today.
Volatility in the markets has drifted lower today as equities are trading within a relatively small range, and the currency market is calmer too. Equity markets in Europe are largely higher this afternoon as the rebound that began on Tuesday is still in play.
Traders are buying back into European equity markets as government bond yields are a little lower. At the start of the week, the US 10-year yield pushed above 1.80%, and that triggered a wave of selling in equities, in particular US stocks.
Stock markets are in the red as growing fears about tighter restrictions due to the coronavirus are weighing on sentiment.
It has been a surprisingly volatile 24 hours in the markets as the Federal Reserve announced it will be doubling the speed of its tapering policy last night, and the Bank of England unexpectedly hiked interest rates today.
Stocks are mixed today following on from two days of losses. Concerns about the omicron variant of Covid-19 as well as jitters ahead of the Federal Reserve meeting are hanging over the markets.
The strong performance in mining, energy and banking stocks is helping the FTSE 100 to outperform.
It has been a quiet start to the week following the exciting moves seen in the markets last week. The actions of the Federal Reserve and Bank of England pushed up stocks, and Friday’s US non-farm payrolls report was the icing on the cake.
Last month the Associated British Foods (ABF) share price fell to an 11 month low as the company confirmed that its clothing division, Primark, experienced lower than expected sales during the summer.
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