Stocks rise as weak China data stokes stimulus hopes; euro waits on ECB

The yen fell about 0.9 percent to a six-month low of 141.43 per dollar. The yuan hit a six-month trough of 7.1819, while hopes of more stimulus sent stock indexes in Hong Kong and Shanghai up by more than 1 percent.

“They point at inflation, the labor market and wages and say look we want at 2 percent and whether it’s 6 percent or 5 percent or 5.5 percent it’s still not at 2 percent – they’re going to do they need to do to get that down to 2 percent.” “The conditions we need to see … to get inflation down are coming into place,” Fed Chair Jerome Powell said. “But the process of that actually working on inflation is going to take some time.”In Asia, the focus was on China where industrial output and retail sales figures fell short of market forecasts and property investment and home sales tumbled at a sharper pace, in the latest sign the country’s post-pandemic economic recovery is losing steam.

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Oil rises slightly as market awaits US Federal Reserve rate outlookOil prices inched up on Wednesday as investors awaited the outcome of the U.S. Federal Reserve’s June meeting, key economic data from China and government data on U.S. crude stockpiles. | Reuters
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US stocks end mixed after Fed signals more rate hikes to comeU.S. stocks ended mixed on Wednesday after the Federal Reserve kept U.S. interest rates unchanged but signaled in new economic projections that borrowing costs will likely rise by another half of a percentage point by the end of this year.
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