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European stocks were set to rise on Thursday, tracking a rally on Wall Street after the US Federal Reserve gave an upbeat assessment of the economy and said it would take a patient approach towards raising interest rates.
Fed Chair Janet Yellen told a news conference that ‘patient”’ meant the policy-setting Federal Open Market Committee was unlikely to hike rates for “at least a couple of meetings’’, meaning April of next year at the earliest.
US stocks and bond yields rallied as investors digested the comments that evinced faith in the economy, while still projecting a slow-going approach to rate hikes.
Financial spreadbetters expect Britain’s FTSE 100 to open 54 to 67 points higher, or up 1.1 per cent, Germany’s DAX to open 96 to 113 points higher, or up 1.2 per cent, and France’s CAC 40 to open 35 to 43 points higher, or up 1.1 per cent.
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