Global market sentiment improved on Monday and stocks bounced back strongly after last week’s losses. Concerns that the Fed will raise rates sooner than previously expected and start withdrawing stimulus seem to have receded.
Investors will be monitoring US Fed Chair Jerome Powell’s testimony to Congress later today. He is likely to re-affirm the Fed’s stance that the recent spike in inflation will be transitory.
In the UK, data from the ONS shows that government borrowing fell to £24.3 billion in May, less than expected but still the second highest borrowing on record for the month of May.
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