Better-than-expected economic data out of Germany and gains in U.S. large-cap growth stocks helped global stocks gain broadly on Thursday as bond yields were flat. waiting for the annual meeting of the Federal Reserve in Jackson Hole to learn about its plans to combat inflation.

• The Fed’s annual monetary policy conference begins Friday in Jackson Hole, Wyoming, with the focus on how much U.S. interest rates will have to rise and stay elevated if inflation doesn’t decline significantly from current highs. 40 years old.
• GDP data from Europe’s largest economy, Germany, also brought relief. News that the country narrowly avoided a contraction in the second quarter and better-than-feared sentiment data sent the battered euro briefly back above parity with the dollar.
• The euro fell back below $1 as details of last month’s European Central Bank meeting – at which rates were hiked by 50 basis points (bps) – showed policymakers concerned about entrenching of inflation.
• MSCI’s global stock index rose 0.68% after gains in Europe and Japan.
• As of 1758 GMT on Wall Street, the Dow Jones Industrial Average was up 122.06 points, or 0.37%, at 33,090.45; the S&P 500 index was up 31.89 points, or 0.77%, at 4,172.78; and the Nasdaq Composite added 136.69 points, or 1.10%, to 12,568.03 units.
• Borrowing costs in bond markets also eased slightly after a choppy few days saw another sharp rise, especially in Europe, where gas prices have tripled since June as Russia cut supply .
• German 10-year debt yields fell about 3 basis points to 1.33%, after touching 1.39%. The return on Italian 10-year notes eased to 3.58% and that on US paper, which is the main driver of global borrowing costs, hovered at an eight-week high at 3.10%, versus 2, 51% from the beginning of the month.
• Investors have trimmed expectations that the Fed may lean toward a slower pace of rate hikes as US inflation remains at 8.5% a year, well above the 2% target. However, Friday’s speech by its chairman, Jerome Powell, will be scrutinized for any indication that an economic slowdown could alter the bank’s strategy.
• “Equity markets right now view the bad news on the economy as essentially good, because it means the Fed may not be as tough as previously thought,” said Nomura’s Rob Subbaraman. “However, equity markets may have to reassess that after Jackson Hole.”
• In currency markets, the dollar fell 0.25%, after losing as much as 0.5% earlier, including 0.4% against the euro, to 136.62 yen. The yuan was also off its two-year low.
• Crude oil lost more than 1% in the session.