European stock markets have moved higher,

European stock markets have moved higher, as investors scaled back tightening concerns following assurances from Fed Chair Powell that the bank isn't actively considering 75 bp moves. The 50 bp hike delivered yesterday was already priced in and markets took solace in the fact that it wasn't more. Dovish comments from ECB's Panetta also helped to keep a lid on Eurozone tightening concerns, although European curves steepened today as the short end rallied. Gilts outperformed ahead of the BoE announcement, but the FTSE 100 still underperformed with a 0.9% gain, versus a 1.3% rally in the German DAX. U.S. futures are slightly lower though and Asian markets traded mixed, with China bourses underperforming after dismal PMI reports flagged the impact of Beijing's zero-Covid policy. the CSI 300 closed with a -0.15% loss on its return from the long holiday. The Hang Seng corrected -0.4%, while the ASX managed to gain 0.8%, as yields corrected and markets reigned in tightening speculation. Japan was closed for a holiday today.