Wall Street rallied after the Federal Reserve minutes, but the mood in Europe and Asia is more subdued
World shares were mixed on Thursday on the persistent concern over slowing economic growth and after the latest US Federal Reserve minutes confirmed its intent to tighten monetary policy quickly.
That left the MSCI’s benchmark for global stocks little changed around 630 points by 8.34am GMT. The index is off the November 2020 lows hit earlier in May but still down more than 16% so far in 2022. While some investors worry that overly aggressive interest rate hikes by the Fed could tip the economy into recession, Wednesday’s minutes seemed to suggest the Fed would pause its tightening streak to assess the effect on growth.
The immediate attention is on Thursday’s commerce department release of its second take on first-quarter GDP, which analysts expect to show a slightly shallower contraction than the 1.4% quarterly annualised drop originally reported.
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