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What the new Labour government means for your money

Now that the dust has settled on the election we can take stock of what a Labour win will mean for your finances

Wall Street mixed after central bankers warn of future hikes but FTSE closes higher

A look at how the major markets are performing on Wednesday

Pedro Goncalves
·Finance Reporter, Yahoo Finance UK
·1-min read
FTSE SINTRA, PORTUGAL - JUNE 27: Jerome Powell, Chair of the Federal Reserve of the United States, is followed by security guards while arriving to participate in the morning session during of the second day of the 2023 European Central Bank Forum on Central Banking on June 27, 2023, in Sintra, Portugal. The President of the European Central Bank Christine Lagarde stated in her opening speech that
FTSE and Wall Street traders heard from Jerome Powell, who is in Portugal attending talks. Photo: Horacio Villalobos/Getty Images (Horacio Villalobos via Getty Images)

The FTSE 100 and European stocks finished higher this Wednesday even after Federal Reserve Chair Jerome Powell said consecutive interest-rate hikes are on the table.

The FTSE 100 (^FTSE) rose 0.60% to close at 7,505 points, while the CAC 40 (^FCHI) in Paris gained 1.06% to 7,291 points. In Germany, the DAX (^GDAXI) advanced 0.70% to 15,957.

Deutsche Bank’s Jim Reid said: “Risk appetite has returned to markets over the last 24 hours, aided by a strong set of US data releases that dampened fears about an imminent recession after weaker data over the last week.”

Wall Street was mixed Wednesday, pressured by a report the US could curb sales of artificial intelligence (AI) chips to China, while investors awaited Federal Reserve Chair Jerome Powell's speech for clues on the interest rate outlook.

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The Dow Jones (^DJI) lost 0.27% to 33,833 points. The S&P 500 (^GSPC) was flat at 4,380 points and the tech-heavy NASDAQ (^IXIC) rose 0.39% to 13,607.

Fed chair Jerome Powell, ECB president Christine Lagarde, Bank of England governor Andrew Bailey, and Bank of Japan governor Kazuo Ueda gave their views on interest rate hikes in a panel discussion in Sintra, Portugal.

Watch: Wall Street closes higher as tech stocks rally

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