European shares rallied to nine-week highs on Thursday, driven by hopes the Federal Reserve was done with interest rate hikes and some upbeat earnings reports, while investors looked ahead to the European Central Bank's policy decision.
Futures signalled a strong open on Wall Street, a day after the
raised rates by 25 basis points as expected and spurred bets that the U.S. monetary tightening cycle was over.is expected to raise interest rates for the ninth time in a row later on Thursday and keep the door open to further moves. The decision is due at 1215 GMT. "We do not expect the central bank to pre-commit to a hike in September," UniCredit analysts wrote in a note.
"In contrast to the relatively balanced press conference from Mr. Powell, the ECB might highlight that it sees a need for rates to remain high for longer than markets currently expect. If this is the case, the likelihood of a similar positive market response to what we saw in the U.S. yesterday is low."
While markets had fully priced in another rate hike from the ECB just a few weeks ago, investors are now split, with many expecting July's move to be the last following weak economic data.
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