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Original title:[European Express]The Fed does not immediately reduce the morale of European stock markets and boosts the Eurozone PMI data is weak. The Bank of England will announce its monetary decision
Source: FX168
European stock markets opened higher on Thursday (September 23), and the Fed’s latest statement showed that the central bank is not yet ready to reduce monetary stimulus measures.
As of this release (17:20 Beijing time), the UK FTSE 100 Index, the French CAC Index and the German DAX Index have increased by 0.50%, 1.04% and 1.02%, respectively.
The pan-European Stoxx 600 index rose 0.7% on Thursday, and all sectors are in the rising zone.
The Federal Reserve said on Wednesday that the monetary stimulus measures that have supported the economy during the pandemic will not be immediately withdrawn, and European stock markets have rebounded strongly following the US stock market.
However, the Fed also said: “If the economy progresses roughly as expected, FOMC members believe that the pace of asset purchases may slow down soon.” The FOMC unanimously decided on Wednesday to maintain short-term interest rates close to zero, but at the time of the first rate hike. There are still disagreements. The so-called rate hike forecast bitmap shows that 9 of the 18 FOMC members expect to raise interest rates in 2022, which is higher than the 7 of the Fed’s forecast in June.
The Bank of England will announce its latest monetary policy decision at a later date, but it is not expected that the central bank will change its ultra-low interest rates or the scale of asset purchases.
The focus of the data on Thursday is the Purchasing Managers Index (PMI) in the Eurozone. The Markit Manufacturing PMI in the Eurozone in September recorded 58.7 with an expected value of 60.3. The service industry PMI was 56.3 with an expected value of 58.5. The largest economy in Germany The PMI data for the manufacturing and service industries are equally disappointing, showing that continued supply chain disruptions and the recent surge in natural gas prices have cast a shadow over the prospects for economic recovery in Europe.
Crude oil prices rose slightly on Thursday, thanks to another drop in US oil inventories, because production in the Gulf of Mexico still has not recovered from the damage caused by the last two hurricanes. Data released by the U.S. Energy Information Administration on Wednesday showed that crude oil inventories fell by nearly 3.5 million barrels last week, marking the seventh consecutive week of decline.
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