NEW YORK/PARIS, Aug 14 - Global stocks held steady and government bond yields retreated a touch on Wednesday after data showed U.S. consumer prices rose moderately in July, as expected, reinforcing investor bets that the Federal Reserve could start cutting interest rates soon.
"The one thing that was surprising here was rent accelerating," said Gennadiy Goldberg, head of U.S. rates strategy at TD Securities in New York."I think that's the reason for the market's somewhat disappointed reaction, even though the print actually came in on the weaker side of consensus. In line with expectations that U.S. monetary policy will soon be eased, the benchmark 10-year Treasury yield fell to 3.8295%, and the two-year Treasury yield was steady at 3.9537%.
UBS shares , were up around 3.1% after the bank reported $1.1 billion of net profit in the April to June quarter, beating analysts' forecasts. "Markets are less in panic mode," said Justin Onuekwusi, chief investment officer at investment firm St. James's Place. "The market is being far too aggressive in those Fed cuts, particularly when you have hawkish-leaning Fed officials saying they are looking for more data to support cuts."
In commodities, Brent crude futures were down 1% at $79.84 a barrel, while U.S. West Texas Intermediate crude fell 1.6% to $77.08.
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