Investors keep a close eye on Bessent testimony
|European markets are moving higher this afternoon, while in Washington Scott Bessent’s testimony is commanding plenty of attention from investors, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.
FTSE 100 powers to six-week high
The FTSE 100 continues to enjoy gains, having rallied some 4% from its late-December low. European markets have enjoyed a solid day overall, partly benefiting from yesterday’s exuberant performance on Wall Street in the wake of the CPI figures. One notable underperformer on the day is JD Sports, which continues to suffer from its gloomy update earlier in the week – the recovery on Tuesday and Wednesday was only a brief respite, and the selling has resumed on disappointment with the lack of clear plan to revive the group’s fortunes.
US stocks steady as Bessent hearing begins
US indices seem content to hold on to their post-CPI gains as investors await testimony from the latest Trump nominee to face senators. Mr Bessent’s boss has certainly not shied away from making his feelings known on some of his favourite topics, but a more conciliatory tone from the likely new Treasury Secretary could smooth the path higher for Wall Street, bolstered as it is by strong earnings and indications that inflation remains contained.
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