A look at the day ahead in European and global markets from Wayne Cole.
It's been predictably subdued in Asia as a U.S. holiday provides a convenient excuse for stocks to consolidate recent hefty gains before a bevy of central bank meetings this week. Most indices are down, with the Nikkei off modestly having climbed 22% over a 10-week streak to hit 33-year highs.
Markets are watching U.S. Secretary of State Antony Blinken's visit to Beijing, though you know expectations are low when it's newsworthy that a Chinese diplomat deigned to shake his hand. The coming week is also jammed with central bank action, led by China on Tuesday where prime loan rates are expected to be cut by 10 basis points. That might be pushing on string given mortgage rates have already fallen markedly and lower rates only eat into the return on household savings.
In contrast, markets are baying for the Bank of England to hike when it meets on Thursday, the only question being by 25 or 50 basis points. Futures lean toward the smaller move to 4.75% but also have rates rising to at least 5.75% given stubborn inflation and surging wages.
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