World stocks end turbulent month higher as US inflation data looms

LONDON : Global stocks rose on Friday and were set for a fourth straight month of gains despite a bout of heavy selling in early August, boosted by U.S. growth data that helped the dollar snap a weeks-long losing streak and kept bond markets on edge.

The stunning recovery from an early August sell-off reminiscent of October 1987's"Black Monday" came as traders priced a so-called Goldilocks scenario in which the U.S. economy keeps growing, but not so much to prevent interest rate cuts. An index of U.S. personal consumption expenditures due later on Friday, meanwhile, is expected to show that the Fed's preferred inflation index rose 2.6 per cent in July year-on-year, slightly more than the prior month but unlikely to raise alarm.

Government bond markets soared in early August after a weaker-than-expected U.S. jobs report and a surprise Bank of Japan rate hike wreaked chaos in currency carry trades and drove heavy selling of risky assets. Against the yen, the dollar stood at 144.79, on track to lose more than 3 per cent for the month, as pressure eased on the Japanese currency on the prospect of narrowing interest rate differentials.

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