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Markets cautious after upbeat week


Welcome to the FT Market Minute. Here’s what we’re watching in London on Friday morning. A mostly upbeat week is finishing on a more cautious note as European bourses get back a small bit of that post-French election bounce.

Still, global equities remain near record levels, held to course by Wall Street hovering close to all-time highs. Investors will be keen to see if the S&P 500 can enter virgin territory on Friday, and it should get some help from Amazon and Alphabet, which owns Google, after two market giants delivered well-received results late on Thursday. The market also has a big batch of economic data to absorb. Sterling was trading back near 130 GB per dollar at first quarter GDP data on Friday, for example. And US Q1 growth figures will also be released later in the day.

But they will have to be remarkably strong to shift investor expectations of what the Federal Reserve might do at its meeting next week. Currently, futures indicate a less than 5% chance the Fed will raise rates in May. It rises to about 68% for the June meeting. All this means dollar and steady so far at about 99, and Treasury yields holding 2.3%. Have a good weekend.