Stocks inch up as timing of US rate cuts weighed; copper jumps

NEW YORK, May 17 - World stock indexes edged higher and U.S. Treasury yields also rose on Friday as investors tried to assess the timing of potential interest rate cuts by the Federal Reserve this year.Copper surged to a 26-month peak after China announced fresh support for its ailing property sector, while nickel prices touched their highest level since August 2023 amid unrest in nickel producer New Caledonia.

Minutes from the Fed’s most recent policy meeting are due next week and may offer more detail on what Fed officials are looking at in order to begin cutting rates. The meeting from April 30–May 1, however, was before Wednesday's CPI data. MSCI's gauge of stocks across the globe , opens new tab rose 0.81 point, or 0.10%, to 794.89. The STOXX 600 , opens new tab index fell 0.15%.

In Treasuries, the yield on benchmark U.S. 10-year notes rose 1.9 basis points to 4.396%, from 4.377% late on Thursday.The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, fell 0.07% to 104.43, with the euro up 0.07% at $1.0874.The Japanese currency has fallen around 9.5% this year as the Bank of Japan has kept monetary policy loose while higher U.S. rates have drawn money toward U.S. bonds and the dollar.

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