SYDNEY, April 14 (Reuters) – European shares rose on Friday, with the STOXX 600 up for a fifth session in a row, while the dollar was set for another weekly loss as investors bet that the U.S. Federal Reserve may soon finish raising interest rates.
Asian shares gained after the Monetary Authority of Singapore (MAS) surprised many by leaving policy unchanged, saying the tightening already underway would ensure inflation slowed sharply later this year.
The upbeat tone in markets continued during European trading, with the MSCI World Equity Index up 0.2%% on the day at 1150 GMT, near its highest since mid-February (.MIWD00000PUS).
The STOXX 600 (.STOXX) was up 0.6% and on track for a 1.7% gain on the week.
London’s FTSE 100 (.FTSE) was up 0.6% and France’s CAC 40 was up 0.5%, having hit an all-time high (.FCHI).
Wall Street futures were in the red but reduced their losses after Wells Fargo and JP Morgan reported first-quarter profits. The earnings helped assuage fears about stresses in the U.S. banking sector.
The upbeat tone in markets continued during European trading, with the MSCI World Equity Index up 0.2%% on the day at 1150 GMT, near its highest since mid-February (.MIWD00000PUS).
The STOXX 600 (.STOXX) was up 0.6% and on track for a 1.7% gain on the week.
London’s FTSE 100 (.FTSE) was up 0.6% and France’s CAC 40 was up 0.5%, having hit an all-time high (.FCHI).
Wall Street futures were in the red but reduced their losses after Wells Fargo and JP Morgan reported first-quarter profits. The earnings helped assuage fears about stresses in the U.S. banking sector.
The euro benefited from expectations that the ECB will continue to raise rates, after data on Thursday showed euro zone industrial output was stronger than expected in February.
The euro was up 0.1% on the day at $1.10535, having earlier hit its highest in around a year, while European government bond yields were set for a weekly rise.
The benchmark 10-year German yield was at 2.37%, on track for a roughly 18 basis-point rise on the week overall – its biggest weekly rise so far in 2023 .
The U.S. dollar index was steady at 100.99, on track for its fifth consecutive week of declines , which makes for its longest streak of weekly losses since 2020.
Oil prices gained after the International Energy Agency – the West’s energy watchdog – said it expected global demand to rise to a record high this year.
Source: www.reuters.com
