A look at the day ahead in European and global markets from Ankur Banerjee.
A trader works at the Frankfurt stock exchange in Frankfurt, Germany, February 22, 2022. REUTERS/Timm ReichertInvestors have hunkered down in Asian hours with stocks drifting while the dollar clings to gains from overnight. The prevailing anxious mood is likely to continue as we head into the crucial next few weeks of central bank meetings.the Fed is expected to deliver a final 25-basis-point rate increase in May and then hold rates steady for the rest of the year.
The Bank of England on the other hand will likely need to stay on its hawkish path as data through the week showed that British inflation remained hot. According to data released on Wednesday, Britain was the only country in western Europe with double-digit inflation in March, after a more modest decline than had been expected.
Investors are now fully pricing in a quarter-point interest rate rise to 4.25% on May 11 at the BoE's next meeting and expect rates to peak at 5% by September, according to futures markets.sterling and the euroMeanwhile, New Zealand's consumer inflation came in below expectations in the first quarter but remained near historic highs, reinforcing bets of another interest rate hike in May.
Elsewhere, shares of Tesla slid after the EV maker posted its lowest quarterly gross margin in two years, missing estimates. Elon Musk doubled down on the price war he started at the end of last year, saying Tesla would prioritise sales growth ahead of profit in a weak economy.Key developments that could influence markets on Thursday:
Economic events: Germany March PPI, Eurozone April consumer confidence, France April manufacturing confidence
France Dernières Nouvelles, France Actualités
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