Premarket: Stocks advance ahead of Fed rate decision and U.S. inflation data

Global stocks rose on Wednesday, helped by positive sentiment in the technology sector, while the U.S. dollar held firm ahead of a key U.S. inflation report and Federal Reserve policy decision that could determine the near-term outlook for interest rates.

Focus is now turning to the U.S. consumer price index data later in the day, which is forecast to rise a slim 0.1 per cent in May from a month earlier, but with the core up 0.3 per cent. The MSCI All-World index rose 0.14 per cent on the day. In Europe, the STOXX 600 gained 0.5 per cent, rising for the first time in four days.

In the currency markets, the dollar index has held on to its post-payrolls gains since Friday, standing at 105.2 against its major peers. The euro is around its weakest in almost two years against the pound too. Sterling was up 0.14 per cent against the dollar at US$1.2757, shrugging off data that showed the British economy did not grow at all in April, after a strong start to 2024.

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