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European Shares Seen Up As Oil's Fall Brings Inflation Comfort
(RTTNews) - European stocks are likely to open higher on Thursday after notes from the latest Federal Reserve meeting indicated that higher U.S. interest rates might be needed to get inflation back to the 2 percent target.
Asian markets were mostly higher despite signs China may be returning to the kind of strict restrictions seen earlier this year.
The U.S. dollar paused for breath after surging to 20-year highs, helping gold prices recover some ground. Oil rose but stayed below $100 a barrel as fresh COVID-19 clusters in China sparked fears of wider restrictions.
Elsewhere, the British Prime Minister is under increasing pressure to step down after dozens of ministers abandoned his scandal-hit government.
In economic releases, the minutes of the monetary policy meeting from the European Central Bank and industrial production data from Germany are due today.
U.S. stocks eked out modest gains overnight after minutes from the Fed's June meeting suggested that another interest rate increase of 50 or 75 basis points is likely at the July meeting to tame inflation.
The Dow edged up 0.2 percent, while the S&P 500 and the tech-heavy Nasdaq Composite both rose by 0.4 percent.
European stocks climbed on Wednesday as German industrial orders data beat expectations and an end to strike by Norwegian oil and gas workers eased worries of energy supply crunch.
The pan European Stoxx 600 jumped 1.7 percent. The German DAX rallied 1.6 percent, France's CAC 40 index added 2 percent and the U.K.'s FTSE 100 surged 1.2 percent.
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