The U.S. Federal Reserve announced on Friday it had withdrawn from a global body of central banks and regulators devoted to exploring ways to police climate risk in the financial system.

The Federal Reserve has withdrawn from the Network of Central Banks and Supervisors for Greening the Financial System, a global coalition of central banks engaged in the study of climate risk that was launched in 2017.

The Federal Reserve said Friday that it is leaving an international grouping of central banks that focused on how the financial system could help combat climate change.

British equities were broadly higher on Thursday, building on their strong gains seen in the last session as markets eyed potential interest rate cuts by the Federal Reserve this year following an easing core inflation reading.

The Fed’s top bank cop, Michael Barr, is stepping down early to avoid a legal battle with Trump. If the Federal Reserve is politicized and weakened, the winners will be large financial institutions and the losers will be all of us. Unfortunately, that’s already happening before President-elect Donald Trump is even sworn in.

European shares ended positively, with the STOXX 600 index logging its fourth consecutive weekly rise. The rally was driven by declining government bond yields and encouraging economic data from China.

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The central bank said it had decided to leave the network after the group’s work “increasingly broadened in scope.”

European stocks extended gains on Friday, after having hit their highest level in a month the previous day on the back of strong

NEW YORK/LONDON >> MSCI’s global equities gauge rose today, while Wall Street stocks dipped and U.S. Treasury yields fell after a mixed bag of economic data and Federal Reserve officials’ comments suggested more interest rate cuts on the horizon.

MSCI's global equities gauge rose on Thursday, while Wall Street stocks dipped and U.S. Treasury yields fell after a mixed bag of economic data and Federal Reserve officials' comments suggested more interest rate cuts on the horizon.

European shares rose nearly 1% on Thursday, with luxury stocks boosted by Richemont's upbeat earnings update and semiconductor firms making gains after TSMC reported record quarterly profit.