US stocks have fallen back as surging inflation in North America kept investors nervous and amid weaker-than-expected earnings from a Wall Street titan.The Dow Jones index fell 0.5pc to 30,630, the S&P500 fell 0.3pc to 3,791, while the Nasdaq Composite index was steady at 11,251
North America's biggest bank, JP Morgan Chase, reported a 28 per cent fall in second-quarter profit to $US8.6 billion and suspended share buybacks.Chief executive Jamie Dimon warned that geopolitical tension, high inflation, waning consumer confidence, the withdrawal of stimulus, and the war in Ukraine, "are very likely to have negative consequences on the global economy sometime down the road".
"In the past hiking cycle, we have observed that inflation kept rising during the hiking cycle … It takes time for monetary policy to affect inflation."
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