A currency trader passes by the screen showing the Korea Composite Stock Price Index , left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, June 28, 2024. – Asian shares gained Friday as traders looked ahead to a key report on inflation that could influence the Federal Reserve's next move on interest rates.
The Nasdaq composite rose 0.3% and remains just below its all-time high. The Dow Jones Industrial Average closed 0.1% higher. Jeans maker Levi Strauss sank 15.4% after its latest quarterly revenue results fell short of analysts' expectations, along with its current earnings forecast for the year. Economists expect the report to show a modest easing of inflation to 2.6% in May, following a 2.7% reading in April. That’s down from the PCE’s peak of 7.1% in the middle of 2022. Other measures of inflation, including the consumer price index, have also eased significantly over the last two years.on when to begin cutting interest rates, which remain at their highest level in more than 20 years and which are having an impact worldwide.
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