Global shares rise, US shares mixed as Fed seen on target for rate hike

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Global stock markets rose while shares on Wall Street were mixed on Tuesday after U.S.

Article originally published by Reuters. Hargreaves Lansdown is not responsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.

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19 Jul 2023

NEW YORK, July 18 (Reuters) — Global stock markets rose while shares on Wall Street were mixed on Tuesday after U.S. retail sales rose less than expected in June, but consumers boosted or maintained spending elsewhere, raising the odds the Federal Reserve hikes interest rates next week.

Retail sales increased 0.2% last month, the U.S. Commerce Department said, but, excluding automobiles, gasoline, building materials and food services, core retail sales increased 0.6% in June. Headline data for May also was revised higher to show sales gaining 0.5% instead of 0.3% as previously reported.

The dollar slid to a 15-month low against a basket of currencies, and Treasury yields also fell even as futures pointed to a 97.3% probability that the Fed will hike rates by 25 basis points on July 26, according to CME Group's FedWatch Tool.

The dollar index fell 0.12% and the euro rose 0.08% to $1.1243, after hitting a fresh 17-month high of $1.1276

The major U.S. stock