European Midday Briefing: Stocks in the Green, More U.S. Inflation … – Morningstar
MARKET WRAPS
Stocks:
European stocks edged up on Friday as investors awaited the keenly watched U.S. PCE inflation data.
ECB Interest Rates
Pictet Wealth Management adjusted its forecast for the ECB’s interest rates, expecting the deposit rate to rise to 3.5% by the end of May 2023.
“We now see the ECB hiking the deposit rate by 50bp first in February, 50bp again in March and May, before it marks a pause,” it said.
Pictet WM said it sees headline inflation in the eurozone averaging 5.3% in 2023, down from 8.5% in 2022, while core inflation should average 3.5% in 2023 after 3.9% this year.
Inflation is the most important issue for the ECB, which is expected to do its best to bring it back to its target, Danske Bank said.
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U.S. Markets:
Stock futures edged higher ahead of fresh data on consumer spending and in the runup to the Christmas holiday.
The yield on the 10-year Treasury note ticked up to 3.689% from 3.669% Thursday.
Economic data expected…
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