Global shares were mixed in muted trading Tuesday as investors tried to digest a slew of economic data and awaited moves by the U.S. Federal Reserve.
France's CAC 40 fell 0.1% in early trading to 7,363.24. Germany's DAX added nearly 0.1% to 15,659.63. Britain's FTSE 100 edged up less than 0.1% to 7,931.95. U.S. shares were set to drift higher with Dow futures up nearly 0.1% at 33,470.00. S&P 500 futures rose 0.1% to 4,057.75.
"Asian equities were flat on Tuesday as traders weighed the impact of economic data and awaited key events that could impact equity markets in the coming days," said Anderson Alves at ActivTrades. While that calmed worries that a recession is looming, it also forced Wall Street to raise its forecasts for how high the Fed will take interest rates. Higher rates can drive down inflation, but also hurt prices for stocks and other investments and can create a recession in the future.
On Friday, the government will release its latest monthly jobs report. If the reading is stronger than expected, particularly if it shows a big gain in wages, it could shake Wall Street and force it to raise rate expectations even higher. The Fed has pulled its key overnight rate to a range of 4.50% to 4.75%, up from virtually zero at the start of last year, in its fastest set of hikes in decades. Last month, it dialed down the size of its increases and highlighted progress being made in the battle to get inflation lower.
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