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European markets close higher after inflation data
Asia-Pacific markets are all in the green after Federal Reserve Chair Jerome Powell said it would take a while for policymakers to evaluate the current state of inflation AND kept the timing of interest rate cuts uncertain. All European markets also closed higher yesterday, after inflation fell more than expected. Banks represented the best sector with a gain of 1.5%. The UK's FTSE100 though remained flat. Prices in the 20-nation euro zone eased to 2.4% in March, lower than the 2.6% forecast in a Reuters poll. The core rate of inflation, excluding energy, food, alcohol, and tobacco, cooled from 3.1% to 2.9%, also coming in below expectations. In the euro area, the unemployment rate also stood at 6.5% in February, stable against January but down from 6.6% in February 2023.
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