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Global Stocks Mostly Fall On Lingering Worries Over Inflation

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Global stocks mostly retreated Wednesday after British inflation data doused hopes of a quick Bank of England rate cut, while Federal Reserve minutes spotlighted worries about lingering pricing pressure.

Traders work on the floor of the New York Stock Exchange during morning trading on May 17, 2024 in New York City. London stocks closed lower and the pound jumped on news that Britain’s Consumer Prices Index rose 2.3 percent in April, slower than the previous month but outpacing analyst expectations of 2.1 percent.

But US indices tripped into the red after the Fed minutes showed that policy makers were frustrated with the lack of progress in bringing inflation towards the central bank’s two percent target.The disappointing inflation data, and the strong economic figures in the first quarter, led them to conclude that “it would take longer than previously anticipated” for them to be confident that inflation was trailing off, the Fed said.

Anticipation was high heading into the day owing to results from artificial intelligence highflier Nvidia.The chip-maker’s stock price is up 90 percent in 2024 with its high-end processors prized by firms looking to get ahead in the booming artificial intelligence sector.

 

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