European markets are heading for a higher open on Tuesday with investors awaiting the latest flash purchasing managers' index (PMI) data from the euro zone.
Surging inflation may appear largely in the past, but a shift to a 25 basis point hike at the next Federal Reserve policy meeting is a "mistake," according to Allianz Chief Economic Adviser Mohamed El-Erian.
"'I'm in a very, very small camp who thinks that they should not downshift to 25 basis points, they should do 50," he told CNBC's "Squawk Box" on Monday. "They should take advantage of this growth window we're in, they should take advantage of where the market is, and they should try to tighten financial conditions because I do think that we still have an inflation issue.
Inflation, he said, has shifted from the goods to the services sector, but could very well resurge if energy prices rise as China reopens. El-Erian expects inflation to plateau around 4%. This, he said, will put the Fed in a difficult position as to whether they should continue crushing the economy to reach 2%, or promise that level in the future and hope investors can tolerate a steady 3% to 4% nearer term.CNBC Pro: Wall Street is excited about Chinese tech — and loves one mega-cap stock
After more than 2 years of regulatory crackdowns and a pandemic-induced slump, Chinese tech names are back on Wall Street's radar, with one stock in particular standing out as a top pick for many.
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