The FTSE 100 (^FTSE) and European stocks reached record highs on Thursday as investors look ahead to the next US consumer price index data which could indicate when the US Federal Reserve will make its first interest rate cut.
Last night, chairman Jerome Powell said he did not expect interest rates to be increased again, ahead of upcoming inflation figures.
They are expected to show that prices rose at a slightly slower pace in April, down from 3.5% to from 3.4%. On a monthly basis, prices are expected to have risen by 0.3%, a slowdown on March’s 0.4%.
The MSCI All Country World Index, a measure of stock prices around the globe, closed at a record high on Tuesday.
-
London’s benchmark index was 0.5% higher, hitting a new intraday high
-
Germany’s DAX (^GDAXI) climbed 0.2% and the CAC (^FCHI) in Paris headed just 0.05% into the green
-
The pan-European STOXX 600 (^STOXX) was up 0.3% — a record high in early trading
-
Wall Street is set to open flat as S&P 500 futures (ES=F), Dow futures (YM=F) and Nasdaq futures (NQ=F) were treading water ahead of US inflation data
-
The pound (GBPUSD=X) was against up just 0.05% the dollar at 1.2595
-
Taylor Swift’s UK fans to spend £848 on average to see Eras Tour
“Persistent inflation in the first quarter, coupled with hawkish sentiments expressed by Fed officials advocating for prolonged high interest rates, have bolstered the US dollar,” Fawad Razaqzada, market analyst at City Index and FOREX.com, said.
However, recent developments such as weaker-than-anticipated US non-farm payrolls and an increase in jobless claims have fuelled speculation that the Fed might initiate interest rate cuts as early as September.”
Follow along for live updates throughout the day:
Live3 updates
-
Taylor Swift’s UK fans to spend £848 on average to see Eras Tour
Taylor Swift’s Eras Tour is predicted to provide a £997m boost to the UK economy, according to a report.
Almost 1.2 million Swifties will fork out £848 on average to see their idol at one of the 15 UK tour dates in June and August, according to the Barclays Swiftonomics report.
The average amount spent on an Eras tour ticket is £206, although 14% of fans, including those who bought VIP ticket packages with premium seating and exclusive merchandise, spent more than £400.
After tickets, fans will spend the most on accommodation (£121), travel (£111), and merchandise (£79), while almost a fifth of concert-goers (18%) will buy a new outfit especially for the event.
Fans will spend an average of £59 on a pre-concert meal at restaurants near the tour’s venues in London, Liverpool, Edinburgh and Cardiff.
One in four fans (26%) say they will have to travel to a different city in order to get to the concert.
However one in five UK fans (19%) with Eras Tour tickets will see Swift perform in mainland Europe instead, possibly due to ticket availability, cheaper travel and accommodation costs, or simply so that they can combine the concert with a holiday or city break, Barclays said.
-
-
Watch: What is a recession and how do we spot one?
Download the Yahoo Finance app, available for Apple and Android.
