European markets flat, Wall Street steady after Fed cut

European stocks were little changed on Friday and looked set to end the week flat, while Wall Street futures traded steady after the U.S. Federal Reserve’s quarter-point rate cut lifted U.S. equities to record highs.

The Fed, Norway, and Canada all cut rates this week, but the Fed signaled a cautious, data-dependent approach to further easing, disappointing some investors who had hoped for a rapid cycle of cuts.

At 1111 GMT, the MSCI World Equity Index slipped 0.1% but remained on track for a 0.6% weekly gain. The STOXX 600 was flat, London’s FTSE 100 rose 0.1%, and U.S. futures pointed to a steady open.

Currencies were mixed: the dollar index edged up 0.3%, sterling fell 0.5% after weak UK fiscal data, and the yen briefly strengthened. Bond yields climbed, with Germany’s 10-year at 2.74% and the U.S. 10-year at 4.13%.

Oil prices eased on demand concerns, while gold rose 0.2% to $3,651, heading for a fifth straight weekly gain.