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LONDON - World share markets and bond yields nudged modestly higher on Thursday as the U.S. Federal Reserve’s second interest rate cut of the year and promises of support from other top central banks kept global recession jitters at bay.
It was enough to push London’s FTSE, Frankfurt’s Dax and Paris, Milan and Madrid up between 0.4% and 0.8% after what had been a groggy Asian session. Tokyo’s Nikkei and Chinese blue=chip had finished 0.4% higher but Hong Kong, India and much of the rest of the region had sagged. Two-year U.S. yields, which are the most sensitive to Fed policy, inched above 1.75%, while Italian debt lead rise in European yields after surprisingly little demand from banks for a new offering of interest-free European Central Bank funding.
“There were large yen-buying orders before the BOJ, and that just carried through,” said Tohru Sasaki, head of Japan markets research at J.P. Morgan Securities in Tokyo.In contrast to Europe’s upward shuffle, U.S. stock futures were pointing to modest 0.1%-0.2% falls. “This is a small positive for share prices as long as there is no recession,” said Shane Oliver, head of investment strategy and chief economist at AMP Capital Investors in Sydney.
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