World shares muted, lira plunges to record low

Global stock markets were steady on Wednesday and the U.S. dollar drifted lower as attention turned towards next week’s pivotal inflation data and Federal Reserve meeting, where chances of a rate hike continued to ebb.

Meanwhile, Turkey’s lira plunged to a record low against the greenback as authorities appeared to loosen stabilising measures after the government signalled a pivot to more orthodox policies.

The pan-European benchmark STOXX 600 (.STOXX) index was flat, with small gains in British shares (.FTSE) offset by minor losses in German (.GDAXI) and French (.FCHI) stocks.

Spanish stocks (.IBEX) outperformed after shares in the world’s biggest fast fashion company Inditex (ITX.MC) jumped almost 7% following first quarter results.

MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) gained 0.7%, led by gains in Hong Kong (.HSI) and Taiwan (.TWII), while Japan’s Nikkei 225 (.N225) fell 1.8%, its sharpest fall in 12 weeks to snap a four-day winning streak.

This report’s information was first seen on REUTERS; to read more, click this link.