Europe Closes Near High, Pending Fed Decision (Reuters)
The European FTSEurofirst 300 closed up 0.5% on Tuesday, near Monday’s historic five-year high. Volatility was low as the market remained in a holding pattern, pending the announcement by the U.S. Federal Reserve on its plan for tapering its $85 billion monthly asset purchases. “If you make it too data-dependent you… are just fueling volatility (in asset prices),” said William de Vijlder, chief investment officer for strategy and partners at BNP-Paribas Investment Partners. “If you set a timeframe… to roll back the programme so that it stops at a certain date, the market would price that instantaneously and you would not create any volatility.”
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