U.S. stocks pare rally as risk-on mood after CPI fades - BNN Bloomberg

  • 📰 BNNBloomberg
  • ⏱ Reading Time:
  • 49 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 23%
  • Publisher: 50%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

Stocks trimmed a rally on Thursday spurred by softer-than-expected US inflation data as investors digested comments from Federal Reserve officials who remained resolute on the need for further interest-rate hikes.

Europe’s Stoxx 600 Index gave up most of an initial advance, a day after surging to the highest in two months following the CPI report. US futures were off their highs for the session after the S&P 500 hit a three-month high and the Nasdaq 100 pulled 20 per cent above a June low on Wednesday.

“The Fed is still very clearly on a tightening path,” Sonja Marten, chief currency strategist at DZ Bank AG, said on Bloomberg Television. “Inflation might have come down slightly, but it’s still at 8.5 per cent, which is still very high with a very tight labor market. There is no reason for the Fed to slow down now. They’re going to keep going and then slow down into the coming year.”

In Asian trading, tech shares spurred a more than 1 per cent climb in a regional equity index. China’s bourses advanced even as investors digested a warning from its central bank about inflation threats and a pledge to avoid massive stimulus.Minneapolis Fed President Neel Kashkari said he wants the Fed’s benchmark interest rate at 3.9 per cent by the end of this year and at 4.4 per cent by the end of 2023.

Chicago counterpart Charles Evans said inflation remains “unacceptably high” and that “we will be increasing rates the rest of this year and into next year.”

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 83. in NG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Asian stocks fall ahead of U.S. inflation dataAsian stocks followed Wall Street lower Wednesday ahead of U.S. inflation data that traders worry will show upward pressure on prices still is too strong for the U.S. Federal Reserve to ease off interest rate hikes.
Source: CTVNews - 🏆 1. / 99 Read more »

TSX recap: Tech stocks, led by Shopify, drag on index - BNN BloombergTech stocks led the way lower for the TSX Composite Index on Tuesday.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Mackenzie Investments cools on Canadian stocks amid recession fears\u0027Canadian equities — given their more highly cyclical nature — could underperform,\u0027 the chief investment officer of equities said. Read on
Source: financialpost - 🏆 7. / 85 Read more »

Mackenzie Investments cools on Canadian stocks amid recession fears\u0027Canadian equities — given their more highly cyclical nature — could underperform,\u0027 the chief investment officer of equities said. Read on
Source: fpinvesting - 🏆 43. / 63 Read more »

Unloved and overlooked, gold mining stocks could be the ultimate contrarian playCommentaries from industry expert Frank Holmes focusing on gold price movements, what's moving markets and what to expect in the metals sector. This includes his weekly Gold SWOT analysis, which is also featured in his own Kitco News show Gold Game Film
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »