Stock market today: World stocks mostly lower after hot US inflation data foils rate cut hopes

A photographer takes photos of an electronic board showing Japan's yen and U.S. dollar exchange rate at a securities firm Thursday, April 11, 2024, in Tokyo. – Shares in Europe and Asia were mostly lower on Thursday after U.S. stocks fell following another release of hotter than expected

China reported its consumer inflation edged 0.1% higher in March, while prices paid by manufacturers, the producer price index, fell 2.8% from a year earlier. The data suggest persisting deflationary pressures due to slack demand as property developers, banks and local governments struggle with high debt levels.

On Wednesday, the S&P 500 dropped 0.9%. The Dow Jones Industrial Average dropped 1.1% and the Nasdaq composite fell 0.8%.For shoppers, that’s painful because of the potential for even higher prices at the store. For Wall Street, it raises fears that the Federal Reserve will hold back onThe Fed has been waiting for more evidence to show inflation is heading sustainably down toward its goal of 2%.

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