Kitco News collects and features the top financial, economic and geopolitical news from around the world. Kitco's aggregated sources include some of the top newswires in the world including the Association Press, Canadian Press, Japanese Economic Newswire, and United Press International.
LONDON, Nov 2 - European shares and bonds extended a global rally on Thursday as a non-committal Federal Reserve chief had traders doubling down on bets that U.S. interest rates - the main driver of world borrowing costs - have finally peaked.
Fed Chair Jerome Powell's comments that its aggressive 20-month run of rate increases was likely to slow the economy after what he had described as the"outsized" jump in Q3 U.S. GDP, was the main takeaway for many analysts, although he had been careful to keep the door open to another hike if needed.
Markets price an almost 90% chance the bank will keep UK rates at their current 15-year high of 5.25%, but have not fully priced a rate cut until September 2024 -- well after cuts are expected to have begun in other parts of Europe. APPLE EYED Overnight, MSCI's broadest index of Asia-Pacific shares outside Japan had surged 1.6%，the biggest daily jump since late July. Tokyo's Nikkei had also gained 1.1% while S&P 500 futures and Nasdaq futures were pointing to another 0.5% rise on Wall Street later.
It will come after mixed data showed strong job openings and slower than expected growth in private payrolls.
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