Weather’s role in wildfires in Atlantic Canada | SaltWire #weather #climatechange #wildfireseasonWall Street and world stock markets have cleared the first-quarter corporate earnings season comfortably enough to be back stalking record highs, but macro markets don't want to budge much further until they see this week's U.S. inflation update.Wednesday's U.S.
Despite the bumpier U.S. CPI readings through the first quarter, one-year ahead inflation expectations in the NY Fed survey stayed constant at 3% through the first three months of the year. The University of Michigan's 1-year outlook, however, jumped to 3.5% this month from 3.2% in April - even as consumer sentiment fell sharply.
With new bank lending in China falling more than expected in April, and broad credit growth hitting a record low, pressure for more stimulus to support the economy remains intense. For Chinese stocks, however, geopolitics is never far from the headlines. Even though Hong Kong stocks rose again on Monday, mainland shares were more subdued as new energy vehicle shares lost 2.2% following Friday's news that U.S. President Joe Biden's planned new China tariffs would including a major hike in levies on electric vehicles.
Back on Wall Street, the CPI vigil left the S&P500 little changed on Friday and futures are likewise ahead of today's bell.
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