The pan-European STOXX 600 advanced for a fifth consecutive session as rising expectations that the Federal Reserve is nearing an end to its campaign of rate hikes
Asian shares gained after the Monetary Authority of Singapore surprised many by leaving policy unchanged, saying the tightening already underway would ensure inflation slowed sharply later this year.
“Markets are expecting that the rate gap between the Fed and the ECB will narrow further over this summer,” he added, citing expectations of further European Central Bank rate hikes. The euro was up 0.1% on the day at $1.10565, having earlier hit its highest in around a year, while European government bond yields were set for a weekly rise.
Oil prices slipped after the West’s energy watchdog warned that output cuts could exacerbate an oil supply deficit and hurt consumers, but Brent crude futures and West Texas Intermediate crude futures were still set for a fourth week of overall gains.
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