Premarket: Stocks grind toward record highs in inflation-heavy week

Global stocks neared record highs on Monday, in a week where inflation figures could make or break expectations for earlier U.S. rate cuts, while Chinese activity data will test optimism about a sustained recovery in the world’s No. 2 economy.

The improved sentiment has helped lift Chinese blue chips to a seven-month high and the positive vibes carried over into Europe, where the STOXX 600 held near record highs and U.S. stock futures rose 0.1 per cent. “U.S. equity traders, along with bond, gold, and dollar traders , will be looking to start the week by massaging exposures ahead of U.S. PPI, and CPI and retail sales,” Pepperstone strategist Chris Weston said.

A low number would likely boost bets that the Federal Reserve could ease as soon as July, which is currently priced at only a 25-per-cent chance. Equally, a high inflation print could push a rate cut out past September and challenge pricing for 42 basis points of easing this year. With 80 per cent of the S&P 500 having reported results, companies are on track to have increased earnings by 7.8 per cent, well ahead of the April expectation of 5.1 per cent.

The Bank of Japan on Monday sent a hawkish signal to markets by cutting the amount of Japanese government bonds it offered to buy in a regular operation, pushing yields up.

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