Stocks rise on tame inflation outlook, dollar eases

Tech stocks lead rebound as Boeing tumbles anew

Traders are bracing for a parliamentary vote later today that's expected to call for a short delay to Brexit.

The yuan weakened. Treasuries erased a drop and the dollar gained, holding those moves as data showed USA unemployment rose to a four-week high.

USA producer prices edged barely higher in February, in the smallest annual increase since June 2017, the latest sign of tame inflation that supports the Federal Reserve's "patient" approach to future interest rate hikes. The Australian dollar was up to 0.7090 dollar from 0.7087 dollar. USA stocks have extended gains this week as economic data comes in neither too hot nor too cold, while traders in Europe on Thursday seemed to be shrugging off more warning signs from the region - perhaps because of hopes Brexit can be delayed or derailed.

The company logo and trading information for Boeing is displayed on a screen on the floor of the New York Stock Exchange in New York, US, March 13, 2019.

The euro declined 0.2 percent to $1.1306, the first retreat in a week. Tepid inflation and disappointing producer price data this week support the Fed's stance of keeping interest rates on hold, denting the dollar.

The Japanese yen decreased 0.5 percent to 111.744 per dollar. Emerging-market stocks declined for the first time in three days.

The MSCI Asia Pacific Index fell 0.3 percent.

The small-cap Russell 2000 Index lost 0.2 percent.

European shares jumped on Wednesday as investors bet British lawmakers would vote to reject a disorderly no-deal Brexit, but underwhelming results from Inditex and Adidas kept gains limited. The S&P 500 gained 19.4 points, or 0.69 percent, to 2,810.92 and the Nasdaq Composite added 52.37 points, or 0.69 percent, to 7,643.41.

"If they manage to achieve cross-party support for a deal, likely a "softer Brexit" sort of a deal - this could potentially be very good news for United Kingdom assets", said Russel Silberston, Co-Head of Multi Asset at Investec Asset Management.

In late NY trading, the euro was up to 1.1329 USA dollars from 1.1296 dollars in the previous session, and the British pound rose to 1.3217 dollars from 1.3084 dollars in the previous session.

Benchmark 10-year U.S. Treasury notes fell 2/32 in price to push yields up to 2.6141 percent.

Sterling pulled back after a big rally on Wednesday.

The Bloomberg Commodity Index declined 0.3 percent, the largest decrease in more than a week.West Texas Intermediate crude increased 0.1 percent to $58.30 a barrel, the highest in four months.LME copper sank 1.3 percent to $6,390.50 per metric ton, the lowest in three weeks on the largest tumble in 10 weeks.Gold sank 0.8 percent to $1,298.54 an ounce, the biggest dip in nearly two weeks.

Spot gold gained 0.6 percent to $1,309.30 per ounce as of (2056 GMT), its highest level since March 1.US gold futures settled 0.9 percent higher at $1,309.3 per ounce. USA gold futures settled 0.9 percent higher at $1,309.3 per ounce.

Related:

Comments


Other news