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    Home»News»Global stocks bounce back after volatile week as Fed chair Powell’s comments prop up risk appetite
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    Global stocks bounce back after volatile week as Fed chair Powell’s comments prop up risk appetite

    Amber HeardBy Amber HeardMay 29, 2022Updated:November 10, 2022No Comments2 Mins Read
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    Global stocks bounce back after volatile week as Fed chair Powells comments prop up risk appetite
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    • Global stocks rose on Friday after a rollercoaster week after a more dovish outlook from the Fed.
    • US stock futures rose, suggesting a rebound later in the day when the market opens.
    • Fed Chair Jerome Powell downplayed the chances of a bigger rate hikes, even as inflation runs hot.

    Global stocks climbed on Friday after a volatile week of plunges, with US stock futures and Asian and European stocks gaining after dropping on Thursday.

    The MSCI All-World index of global shares rose 0.39% on Friday, but was still set for its sixth straight weekly loss. Dow Jones futures rose 0.73%, S&P 500 futures gained 1.02%, and Nasdaq 100 futures jumped 1.55% after Federal Reserve Chair Jerome Powell downplayed the chances of the central bank raising interest rates by more than half a point at a time as it tames inflation.

    “Those earlier comments from Chair Powell after the US close have supported risk appetite, particularly since he echoed his previous comments about the Fed being on course for further 50-basis point hikes at the next couple of meetings, rather than moving towards 75 basis points in the aftermath of the stronger-than-expected CPI reading,” said Deutsche Bank research strategist Jim Reid. US consumer price index data for April showed inflation rising by more than expected and at 40-year highs.

    Powell’s comments propped up risk appetite globally, with Asian and European stocks also gaining after Thursday’s tumble.

    The FTSE 100 gained 1.46% with the STOXX 600 rising 1.23% and Germany’s DAX up 1.17%. In Asia, Japan’s Nikkei 225 climbed 2.64% with China’s Shanghai index rising 0.96% and Hong Kong’s Hang SengIndex gaining 2.68%

    San Francisco Fed President Mary Daly said she also favored half-point hikes at the coming meetings, rather than a larger three-quarter point increase.

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