There was a shift back into riskier assets ahead of central bank meetings that investors hope will give clarity on whether inflation has peaked
London — Wall Street was set to open higher on Monday, tracking gains in Asia and Europe as investors took expected interest-rate hikes in coming days their stride for now despite crude oil hitting $120 a barrel.US-listed shares in Chinese ride-hailing firm Didi Global surged 50% premarket after the Wall Street Journal reported that Chinese regulators were preparing to allow the mobile app back in domestic app stores.
The European Central Bank meets on Thursday, though it is not expected to begin raising interest rates until July, with rate setters at the US Federal Reserve and Bank of England gathering next week. The MSCI all country stock index gained 0.3%, its recent rebound from near bear-market territory still largely intact.
“On balance, I do think that risk-taking in this environment is going to be more rewarding than betting against risk assets,” Perdon said. Money markets are priced for 130 bps of rate increases by year-end, with a 50 bps move at a single meeting fully priced in by October. Against a basket of currencies, the dollar stood at 102 , little changed on the day, after firming 0.4% last week.
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