Bulls were out in force on world markets yesterday as investors recovered their recent enthusiasm for global equities. Investors’ confidence over the outlook for the world economy was backed up by the release of US inflation data and a positive indicator of German business confidence. The US Federal Reserve’s decision to hold interest rates at 1 per cent was widely expected and the UScentral bank indicated it would keep rates on hold for a ‘considerable period.’ The UScentral bank said that low inflation remained a concern. The high level of optimism in the markets was reflected in Merrill Lynch’s September fund managers’ survey, which painted a picture of a ‘cloudless sky’, according to David Bowers, chief investment strategist. All leading indices rose yesterday, with Tokyotouching a 15-month high. Wall Street increased although trading was muted before the Fed’s decision at midday in New York. By mid-session, the Dow Jones Industrial Average was 50 points stronger at 9499. [download]
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