HAMMACK said the Fed has earned credibility through its actions.

China A-shares opened lower then rallied on heavy volume; the three major indices turned positive after an early sell-off. The ChiNext Index briefly fell more than 2% at the open before reversing; the STAR 50 Index jumped over 5% in the morning and the Shanghai Composite briefly reclaimed 3,700 points. At midday the Shanghai Composite was up 0.10%, the Shenzhen Composite up 1.44% and the ChiNext Index up 1.24%; turnover across the two exchanges exceeded CNY 140 mln and more than 4,700 stocks advanced. Sector action: PV equipment and battery stocks led gains; precious metals and energy metals outperformed; compute-infrastructure names rallied together. Banks and coal underperformed, ranking among the largest decliners.

Bank of England Governor BAILEY said there is a strong case for another rate rise if the conflict remains unresolved.