Daily Dose, EU

Stocks Rise as Traders Seek Rate Clues From Powell – Europe Market Wrap

Stocks rebounded after a two-day selloff, as investors waited to see if Federal Reserve Chair Jerome Powell would continue to oppose the notion of rapid interest rate cuts.

Contracts on the Nasdaq 100 increased by 0.7%, while the S&P 500 rose 0.4%. Cryptocurrency-linked equities surged, boosted by a comeback in Bitcoin, and Tesla recovered after falling more than 10% in the first two days of the week.

Europe’s Stoxx 600 climbed 0.2%, aided by China’s commitment to take aggressive measures to keep its economy booming. Britain’s domestically oriented FTSE 250 benchmark increased 0.8% ahead of the spring budget, which is expected to include a reduction in national insurance payroll tax.

Later, Powell’s semiannual testimony before Congress will be the focus of attention. Given recent strong economic data, he is largely expected to emphasise that the US central bank does not see an urgent need for rate cuts.