Global markets update: US stocks gain after slowdown in inflation, Nasdaq rallies 1.16%Personal FinanceGlobal markets update: US stocks gain after slowdown in inflation, Nasdaq rallies 1.16%

Global markets update: US stocks gain after slowdown in inflation, Nasdaq rallies 1.16%


US stocks gained on Wednesday with Nasdaq rallying over 1% after data showed a slowdown in inflation.

The inflation data bolstered hopes that the Federal Reserve could end its interest rate hikes soon. 

The S&P 500 gained 33.40 points, or 0.75%, at 4,472.66 points. The Nasdaq Composite climbed 160.30 points, or 1.16%, at 13,921.00. The Dow Jones Industrial Average rose 92.17 points, or 0.27%, at 34,353.59.

In June, US consumer prices advanced 3%, their smallest year-on-year increase since March 2021, after 4% growth in May.

The Core inflation, which excludes volatile food and energy prices, also grew 4.8% last month, moderating from a 5.3% increase in May.

The yield on 10-year treasuries declined 11 basis points to 3.86%.

Currencie

The US dollar fell to 138.33 Japanese yen from 140.46. The euro rose to $1.1137 from $1.1000.

Europe

European shares jumped on Wednesday, led by gains in technology and miners.

The pan-European STOXX 600 index closed 1.5% higher.

Britain’s FTSE 100 surged 1.8% at 7,416.11. Germany’s DAX rose 1.5% at 16,023. France’s CAC 40 added 1.6% at 7,333.01.

Shares of UK’s Virgin Money climbed 11.5%, while shares of Lloyds, Barclays and HSBC rose about 3% each after the Bank of England said Britain’s eight largest lenders showed no capital inadequacies.

With a 3.8% rise, miners were the biggest sectoral gainers as metal prices climbed on a weaker dollar.

Air France-KLM shares fell 3.8% after Deutsche Bank cut the stock to “hold” from “buy”.

A report showed Spanish inflation rose 1.9% in the 12 months through June, down from a 3.2% rise in the period through May.

Asia

Asian equities were mixed on Wednesday.

Hong Kong’s Hang Seng index rose 1.1% at 18,860.95. China’s Shanghai Composite fell 0.8% at 3,196.13.

Japan’s Nikkei 225 declined 0.8% at 31,943.93.

Australia’s S&P/ASX 200 index advanced 0.4% to close at 7,135.70 points. In New Zealand, the benchmark S&P/NZX 50 index closed flat at 11,908.27. 

Energy prices

US crude oil benchmark for August delivery rose 92 cents to $75.75 a barrel Wednesday. Brent crude for September delivery rose 71 cents to $80.11 a barrel.

Natural gas for August delivery fell 10 cents to $2.63 per 1,000 cubic feet.

Bullion

Gold for August delivery rose $24.60 to $1,961.70 an ounce. Silver for September delivery rose $1.03 to $24.31 an ounce.

 

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Updated: 13 Jul 2023, 02:09 AM IST

Disclaimer: Along with publishing our own news, we get news from various sources namely from news wires ANI, PTI, other reputed finance portals and individual journalists. We are not legally liable for any inaccuracies in the news and expect the reader to do their own due diligence.

http://ganesh@finplay.in

Finance enthusiast, Mutual fund expert.




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