{"id":34729,"date":"2023-07-12T15:21:12","date_gmt":"2023-07-12T19:21:12","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/wall-st-cheers-cool-cpi-with-stock-rally-dollar-and-yield-decline\/"},"modified":"2023-07-12T15:21:14","modified_gmt":"2023-07-12T19:21:14","slug":"wall-st-cheers-cool-cpi-with-stock-rally-dollar-and-yield-decline","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=34729","title":{"rendered":"Wall St cheers cool CPI with stock rally, dollar and yield decline"},"content":{"rendered":"
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\u00a9 Reuters. A man is reflected on an electric monitor displaying a stock quotation board outside a bank in Tokyo, Japan, June 5, 2023. REUTERS\/Issei Kato<\/span>
\n<\/i>\n<\/div>\n

By Lawrence Delevingne and Marc Jones<\/p>\n

(Reuters) -Wall Street stocks advanced on Wednesday and the dollar and Treasury yields fell after new inflation data showed a slowdown in the seemingly relentless rise of U.S. consumer prices.<\/p>\n

The Consumer Price Index (CPI) gained just 0.2% last month, the Labor Department said on Wednesday, lifted by rises in gasoline prices as well as rents, which offset a decrease in prices of used motor vehicles. <\/p>\n

CPI advanced 3.0% in the 12 months through June, down from 4.0% in May and the smallest year-on-year increase since March 2021.<\/p>\n

Wall Street cheered the news, sending stocks up. The rose 0.41% to 34,403.46, the gained 0.83% to 4,476.12 and the added 1.14% to 13,917.37.<\/p>\n

U.S. stock gains helped push up MSCI’s main 47-country world index, which is now around 14% higher for the year, bouncing back from rate hike-induced lows in late 2022.<\/p>\n

“The trend that investors have been waiting for is finally here, softer Core CPI prints or hints of pre-COVID normality,” Alexandra Wilson-Elizondo, deputy chief investment officer of Multi Asset Solutions at Goldman Sachs (NYSE:) Asset Management, said in an email, echoing positive analyst sentiment.<\/p>\n

DOLLAR, YIELDS RETREAT<\/p>\n

The currency market was moving on the CPI news too. The was down 1.1% on Wednesday at $100.57, near its lowest point in a year. <\/p>\n

The yen had clambered back near 140 to the dollar, up around 1.4%, and sterling hit a 15-month high, up 0.45% on the day, as the Bank of England said the UK was coping with higher interest rates. [\/FRX][GVD\/EUR]\n

U.S. Treasury yields also dropped, with the now at 3.853%, down 12.9 basis points. The two-year, which typically moves in step with interest rate expectations, was down 15.6 basis points at 4.740%. <\/p>\n

Wednesday’s moves saw euro zone bond yields decline, with Germany’s 10-year yield dipping to 2.544%, having touched a four-month high of 2.679% on Monday. <\/p>\n

“The bond market finally got the relief from inflation it was hoping for,” Bryce Doty, senior portfolio manager at Sit Investment Associates in Minneapolis, said in an email.<\/p>\n

Markets are pricing in a 95% chance of a 25-basis-point Fed hike later this month, the CME FedWatch tool showed, but remain doubtful about further hikes after that.<\/p>\n

Investor attention will also be on the Bank of Canada, with analysts expecting a second consecutive quarter-point rate hike at its upcoming meeting. <\/p>\n

EARNINGS AHEAD<\/p>\n

Overnight in Asia, Australia’s rose 0.4%, while the bouncing yen knocked down 0.8%. <\/p>\n

Hong Kong’s rose 1%, while bluechip Chinese shares fell 0.8% as tech stocks there jolted 2.5% lower amid renewed concerns about Beijing’s attitude to the sector. <\/p>\n

In the U.S., second-quarter earnings start to roll in this week, with heavyweight banks JPMorgan (NYSE:), Citigroup <\/span><\/span> (NYSE:) and Wells Fargo <\/span><\/span> (NYSE:) kicking things off as usual. <\/p>\n

Wall Street banks overall are expected to report higher profits as rising interest payments offset a downturn in dealmaking. <\/p>\n

Scott Wren, senior global market strategist at the Wells Fargo Investment Institute, said that general earnings expectations might be too high.<\/p>\n

“We believe investors have decided, so far, that they are willing to pay more for lower earnings this year and are discounting the effects of higher-for-longer rates on earnings,” Wren wrote in a note on Wednesday. “We think that is a mistake.”<\/p>\n

COMMODITIES JUMP<\/p>\n

Oil benchmark futures breached $80 a barrel for the first time since May on Wednesday after the U.S. inflation data. rose 0.83% to $75.45 per barrel and Brent was at $79.83, up 0.54% on the day as of 5:15 GMT. [O\/R]\n

added 1.3% to $1,957.35 an ounce.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. A man is reflected on an electric monitor displaying a stock quotation board outside a bank in Tokyo, Japan, June 5, 2023. REUTERS\/Issei Kato By Lawrence Delevingne and Marc Jones (Reuters) -Wall Street stocks advanced on Wednesday and the dollar and Treasury yields fell after new inflation data showed a slowdown in the […]<\/p>\n","protected":false},"author":1,"featured_media":988,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-34729","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nWall St cheers cool CPI with stock rally, dollar and yield decline | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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