Premarket: Stocks idle ahead of Fed’s preferred inflation figure

Global shares were little changed on Friday in subdued trading as investors hunkered down for key U.S inflation figures that will shape the Federal Reserve’s thinking on interest rates when it meets mid-June.Oil was slightly weaker after Fed officials said it was too soon to start considering rate cuts, and following a surprise build in U.S. gasoline stocks.

Britain’s FTSE 100 advanced 0.35 per cent, Germany’s DAX was up 0.04 per cent and France’s CAC 40 added 0.05 per cent. There will get a fresh read on inflation’s progress at 9:30 a.m. ET with the Commerce Department’s publication of the monthly U.S. personal consumption expenditures price index, widely viewed as the Fed’s preferred inflation gauge.

Ellis said expectation that the ECB will move before the Fed in cutting rates, the opposite to what has historically happened, is largely priced into markets. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.5 per cent. The index was set for a gain of about 2.7 per cent in May, rising for the fourth straight month.

Traders are also looking over their shoulders for any hints of intervention from the Tokyo authorities as the Japanese yen flirts with levels that led to suspected bouts of intervention late in April and early this month.

France Dernières Nouvelles, France Actualités

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