Oil prices take a hit, as global markets also whacked by concerns about slowing global economic growth
The U.S. dollar firmed ahead of Wednesday’s release of the minutes from the Federal Reserve’s last meeting, with expectations they will signal more policy tightening is in store.
Data on U.S. payrolls this week is expected to show the labor market remains tight, while EU consumer prices could show some slowdown in inflation as energy prices ease.Article content “The thing that makes me nervous about this year is that we still do not know the full impact of the very significant monetary tightening that’s taken place across the advanced world,” Berenberg Senior Economist Kallum Pickering said.Article contentCentral banks have expressed concern about rising wages, even as consumers have struggled to keep up with the soaring cost of living and companies are running out of room to protect their profitability by raising their own prices.
The STOXX, which lost 13% in 2022, rose 1.2%. The FTSE 100 , the only major European index not to trade on Monday, rose 1.4%. Such a move at its next policy meeting on Jan. 17-18 would only add to speculation of an end to ultra-loose policy, which has essentially acted as a floor for bond yields globally.
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