Stock markets in Europe racked up solid gains today as the bullish close in Asia helped the mood.
Stock markets are still being driven by fears the Federal Reserve will lift interest rates several times this year, but there is division with regards to how many hikes will be introduced.
Volatility in the markets picked up today following the release of the US CPI data, as the reading jumped from 7% to 7.5%, a new 40 year high.
Equity markets are higher across the board as European traders picked up the bullish baton from their counterparts in Asia overnight, and the optimistic mood is doing the rounds in the US too.
An absence of major news has led to a lacklustre trading session. The move in BP sums up the London session as shares in the oil titan hit a two-year high because the company confirmed that yearly profit hit $12.8 billion, its highest mark in eights years.
Traders are cautiously optimistic this afternoon and in turn we are seeing a rally in stocks. European benchmarks are outperforming their US counterparts even though tensions between Russia and Ukraine haven’t been resolved.
The US dollar is driving higher this afternoon following the surprisingly strong US non-farm payrolls report. Last month, 467,000 jobs were added and that comfortably topped forecasts of 110,000.
Stock markets in Europe are down as the European Central Bank (ECB) delivered a mildly hawkish update.
European stock markets are set to finish higher again as the upbeat mood continues. Indices have been gaining ground this week as traders are in recovery mode.
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