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Markets were mixed Thursday as investors struggled to maintain momentum from Wall Street's rally, even after fresh data reinforced optimism the Federal Reserve will be able to hold off any more interest rate hikes this year.
(Bloomberg) -- European shares edged higher as speculation the Federal Reserve is nearing the end of its tightening cycle in the US offset signs of hotter-than-expected inflation in the euro zone. Most Read from BloombergUS Health Officials Urge Moving Pot to Lower-Risk CategoryUBS Smashes Banking Record as It Absorbs Credit SuisseHong Kong to Shut Down City Before Super Typhoon Saola HitsSingapore S$1 Billion Laundering Scandal Embroils Its Banking GiantsStocks Up Again in ‘Bad News Is Good New
Markets were mixed Thursday as investors struggled to maintain momentum from Wall Street's rally, even after fresh data reinforced optimism the Federal Reserve will be able to hold off any more interest rate hikes this year."Investors are reacting with a 'bad news is good news' approach, betting that a slowing economy will lead to a less aggressive Federal Reserve," Mark Hackett, at Nationwide Funds Group, said.
Spot gold rose 0.2% to $1 945.85 an ounce.
The Federal Reserve has raised interest rates to their highest level in 22 years in an aggressive bid to curb inflation, and there’s a chance that more rate increases may still be on tap if the economy’s strength causes inflation to rebound.