Contracts on the S&P 500 added 0.3 per cent after the underlying benchmark notched its first advance this month. A European equity benchmark swung to a gain, paring its weekly loss to 1.2 per cent. Asian equities headed for their sixth weekly gain, the longest such stretch in two years.
At the same time, Fed officials are leery of fanning stock rallies that ease financial conditions too much and thwart their inflation-fighting mission. Strategists have lined up to warn investors against piling back into risk on hopes the Fed is getting close to pivoting to easier policy. Friday’s U.S. producer price index for November will offer a progress report on how effective the Fed’s campaign to quell inflation has been. The PPI in October cooled more than expected. And there are some signs the labor market has tempered, with continuing jobless claims climbing to the highest since early February.
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