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The FTSE 100 and European markets were mixed on Tuesday in London following wage growth data which will temper confidence of a summer interest rate cut by the Bank of England. Global markets are now looking ahead to a key US inflation print on Wednesday.
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By the closing bell, the FTSE 100 (^FTSE) had risen 0.2%, while Germany's DAX (^GDAXI) fell 0.1% and the CAC in Paris (^FCHI) was up 0.2%.
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The pan-European STOXX 600 (^STOXX) rose about 0.2% in the session.
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Across the pond, stocks were tepid, with the three major indexes — the Dow, S&P 500 and Nasdaq (^DJI, ^GSPC, ^IXIC) — hovering just above a flat line at the open, with the Nasdaq breaking out to trade 0.4% higher by the close in London.
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Despite concerns about UK wage growth, jobs data released by the Office for National Statistics showed a rising unemployment rate. The jobless rate rose to 4.3% between January and March — the highest since May to July last year. The number of new vacancies also slowed.
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Global markets are now looking ahead to the Consumer Price Inflation print on Wednesday in the US, which will give clues as to the Federal Reserve's thinking on rate path.
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"The economic data certainly has the ability to move the markets well away from their mean, while many speculators believe that we are in a goldilocks scenario where bad news is good news for the equity markets and good news is good news," said Naeem Azlam, chief investment officer at Zaye Capital Markets. "This is because the US equity markets are back near a level where one can see them flirting with their all-time highs."
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