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Global stocks inch higher as markets cut Fed hike odds
A key Fed hike next month is priced at 30%, down from about 50% a week earlier, after soft U.S. retail sales data.
Global shares rose slightly and the dollar slipped toward two-month lows on Monday as investors reassessed the chances of an imminent Federal Reserve rate hike following a run of softer U.S. economic data, including an unexpected drop in retail sales, Reuters reported.
According to CME Group's FedWatch tool, a hike next month was priced at 30%, down sharply from about 50% a week earlier. In Europe, the STOXX benchmark of 600 large companies rose 0.21%, while Asia-Pacific shares outside Japan gained 0.5%, and Japan's Nikkei edged up 0.3%.
Chinese blue chips rose 0.8% and the Hang Seng advanced 1.6% ahead of China's July activity data later in the day, with forecasts pointing to industrial output growth slowing to 4.8% from 5.3% previously. Oil prices were mixed after last week's gains, with Brent down 0.05% to 0710 GMT and U.S. crude slipping 0.7% to $81.91 a barrel, after rising 5.4% last week.
Latest closeWTI crude $91.10 ▲3.2%|Brent $103.93 ▲3.7%|Nikkei 225 70,035.71 ▼0.9%