LONDON/SINGAPORE, May 24 - Global stocks slipped on Friday, heading for a weekly loss, after data signalling a rebound in U.S. inflation outweighed a boost to sentiment in the wake of strong earnings from artificial intelligence giant Nvidia.
The AI giant's shares have gained 12% this week, but failed to lift broader sentiment after surveys showed U.S. business activity was improving but companies were also reporting higher prices across a sweep of input categories, from timber to wages. Traders expect just 35 basis points of Fed rate cuts in 2024, versus 150 bps at the start of the year. .
Ross Yarrow, managing director of U.S. equities at investment bank Baird, said it was not the time to sell out of the tech stocks that dominate U.S. and world equity markets. The dollar index , which measures the U.S. currency against a basket of six major peers, was up 0.4% on the week to 105.06, its largest one-week rise since mid-April. . The dollar has gained 0.4% against the euro and about 0.9% versus Japan's flailing yen.
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