Markets await Apple results, Bank of England meets
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.With expectations that the Bank of England might send a similar signal in a few hours, Europe’s STOXX 600 and London’s FTSE were both up over 1% early on, with the former on course for its first four-day run of gains since July.
“A lot of things went right for the rates market yesterday,” Jefferies chief European economist Mohit Kumar said, adding that today’s focus would be on the Bank of England and U.S. unemployment claims and factory orders data. “Pricing is reflecting the view that BoE rates will have to remain on ‘Table Mountain’ for some months given the UK’s inflation risks,” said RaboBank FX strategist Jane Foley.
The next big focal point after that will be U.S. non-farm payrolls data on Friday, which analysts expect to show the economy added 180,000 jobs in October, slowing from a 336,000 increase the previous month.
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