Global shares march higher on Fed rate cut bets

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Global shares march higher on Fed rate cut bets - Channel News Asia

Quick Summary:

LONDON :European shares hit a 2-1/2 week high on Tuesday, tracking a Wall Street rally driven by expectations that the Federal Reserve could offer further hints of imminent rate cuts later this week.

MSCI's broadest index of Asia-Pacific shares outside Japan hit a one-month high before giving up some gains to trade 0.3 per cent higher.

"Since the report, we've had number after number after number suggesting that a recession in the U.S.economy is not around the corner," said Josephine Cetti, chief investment strategist at Nordea, citing strong U.S.retail sales, upbeat business surveys, improving jobless claims numbers and a benign inflation reading.