Expectations of a hefty rate cut in Washington growing while Bank of England is expected to hold fire following last month’s cut
Expectations mounting of hefty interest rate cut in Washington while Bank of England set to hold fire after last month’s reduction
Overall, the Irish market closed 0.59 per cent higher on Friday with Ryanair and the banks giving up some ground.Mining stocks lifted London’s blue-chip index as investors raised their bets on a hefty US interest rate cut next week. But the gains were limited as a strong pound weighed on export-oriented companies.
Flutter Entertainment edged lower after the Irish betting giant said it will buy a 56 per cent stake in NSX Group, the operator of Brazilian gaming group Betnacional, for about $350 million.European stocks rounded off the week on a positive note, as investors shifted their focus to the US Federal Reserve in advance of the long-awaited monetary easing at its meeting next week.
Traders’ bets of a 50-basis point rate cut jumped overnight and are now standing at 43 per cent compared with 14 per cent on Thursday, CME’s FedWatch Tool showed. Bets on the Fed sticking to a smaller 0.25 per cent cut had firmed on Thursday following a slightly higher producer prices report that followed the August consumer prices data.
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