The FT's Katie Martin highlights what to watch in markets on Thursday, as the S&P 500 and FTSE 100 hit new records and yet another US Federal Reserve official causes a surge in expectations of a rate rise.
Filmed by Rod Fitzgerald. Produced by Filip Fortuna.
From the FT in London, here's the latest on markets. Another day, another set of US stock market records with the S&P 500 closing at a record high yesterday. Now that's helping to give some support to European markets too. It's small. It looks like momentum has cooled a little, but in the UK but FTSE 100 has hit another record high helped by upbeat results from market newcomer Conva Tec, but also by a new dip in the pound. The global stock market rally is curious. Some are pinning it on a more conciliatory tone this week US President Donald Trump. But at the same time, his lack of detail on plans for tax and spending have been a disappointment. It also breaks with the usual market formula as it comes alongside a surge in expectations that the US will raise interest rates again as soon as this month. Markets are now implying a chance of some 86% after yet another fed official, Lael Brainard, said the Feds should be prepared to move soon while the economic data releases continue to paint a rosy picture. US factory activity hit its highest since 2014 last month and inflation is creeping up towards the Fed's target.