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Stocks dip, dollar edges higher after US labor market, inflation data

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NEW YORK :A gauge of global stocks was lower for a third straight session on Thursday, after U.S. economic data indicated the labor market remains solid while progress on tamping down inflation may be waning.

FILE PHOTO: LSEG signage is seen on screens in the lobby of the London Stock Exchange in London, Britain, May 14, 2024. REUTERS/Hannah McKay/File Photo

In the latest reading on inflation, the producer price index for final demand rose 0.2 per cent last month, matching expectations, after an upwardly revised 0.1 per cent gain in September. On Wall Street, U.S. stocks were little changed after the data as investors looked towards comments from Federal Reserve Chair Jerome Powell later in the day.

Investors have gravitated toward assets expected to benefit from U.S. President-elect Donald Trump's policies in his second term as U.S. president, after he pledged to impose high tariffs on imports from key trading partners, lower taxes and loosen government regulations. The dollar index, which measures the greenback against a basket of currencies including the yen and the euro,rose 0.04 per cent to 106.50, with the euro up 0.07 per cent at $1.057. The greenback is on pace for its fifth straight session of gains.

 

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