Global stocks rise as US inflation inches up

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Stock markets rose Thursday as highly anticipated official data showed that US consumer inflation inched up in July but held at a moderate level.

Although inflation picked up for the first time in around a year, at an annual rate of 3.2 percent, the moderate figure could support the case that the Federal Reserve can hold rates steady at its next policy meeting.Major US indices eked out modest gains, with the broad-based S&P 500 climbing less than 0.1 percent.

The dollar was mixed against other major currencies, gaining on the pound and yen but falling against the euro. The dip in crude also coincided with a modest retreat in European natural gas prices a day after worries about a workers' strike at an Australian gas producer sent prices spiking.Luxury and travel firms boosted Eurozone markets after China lifted a Covid-era ban on outbound group tours to dozens of countries, which could see crowds of Chinese tourists return to destinations around the world.

With China being a key driver of global growth, the long-running slowdown is fueling concerns about possible spillover effects.

 

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