US data on Thursday added confidence that the Federal Reserve is almost certain to pause its rate hikes at its policy meeting in June, with futures markets continuing to price in cuts of about 78 basis points by the end of the year. 'We have a lot of things to trip over in the next six months and that is why people are not committing to buying,' Tinker said, pointing to the US debt ceiling stalemate, ending the use of Libor interest rates in June, and how the war in Ukraine unfolds. 'We have had an aggressively sideways moving market and people are looking for something to give it direction,' said Mark Tinker, chief investment officer at Toscafund asset management in Hong Kong.Ī meeting between US President Joe Biden and top lawmakers that had been scheduled for Friday has been postponed to early next week, with the IMF warning that a US default would have 'serious repercussions' for the US economy. In Europe, the STOXX index of 600 companies edged up 0.4 per cent, putting it slightly firmer for the week as Richemont shares hit a record high on news of strong demand in the Asia Pacific region.īritain's economy grew in the first three months of the year - instead of recession that was being forecast in late 2022 - but recovery remains fragile.Īnalysts said investors are searching for fresh reasons to push markets out of their ranges as a generally positive earnings season draws to a close and the next batch of major central bank rate-setting meetings are a few weeks away. Nasdaq futures and S&P 500 futures were firmer, with Tesla Inc up 1.5 per cent in pre-market trading as the electric vehicle maker raised the US prices of some models and boss Elon Musk said he has found a new chief executive for Twitter. The MSCI All Country stock index was flat and little changed for the week, but still up about 7 per cent for the year. The dollar edged higher, heading for its biggest weekly gain since February as investors bet that overnight data showing a slowing US economy would prompt the US Federal Reserve to pause on rate hikes. Oil prices shook off earlier losses as signs of a supply deficit countered worries over fuel demand in the United States and China. LONDON: Global stock markets clung to modest gains on Friday, reassured by the prospect of a steady start on Wall Street, though worries over US government finances capped investor appetite for risk.

Investor observer