Global shares were mostly higher Wednesday, as investors watched for key inflation data likely to influence the Federal Reserve's stance on interest rates.
FILE - The New York Stock Exchange on Wednesday, June 29, 2022 in New York. – Wall Street inched slightly higher early Wednesday ahead of the release of key inflation data likely to influence the Federal Reserve's stance on interest rates.
A higher reading than expected would likely raise expectations the Fed will raise rates by another quarter of a percentage point at its next meeting in May. Higher rates can undercut inflation, but in slowing the economy they raise the risk of a recession and hurt prices for stocks and other investments.
In Europe, France's CAC 40 added 0.4%, Germany's DAX edged up 0.2% and Britain's FTSE 100 climbed 0.6%. On Wall Street on Tuesday, the S&P 500 had its smallest one-day move in more than a year, slipping 0.17 points, or less than 0.1%. Most of the stocks in the index rose, as did the Dow Jones Industrial Average, which gained 0.3%. The Nasdaq composite slipped 0.4%.
Investors will get updates on what CEOs say about current and upcoming conditions. One fear is that banks in particular could pull back on their lending following all the turmoil in their sector, caused in part by the past year’s swift leap in interest rates.
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