Global stocks were mixed on Thursday, with the Nasdaq rising, but euro zone stocks did not rise even after the ECB hinted at a possible June interest rate cut.
U.S. wholesale inflation rose 0.2% in March, slightly lower than expected. However, on an annual level, the final demand index rose 2.1% in the 12 months to March, the highest level since April 2023.
U.S. stock indexes spent much of the morning in the red, but gained momentum as trading progressed, with the Nasdaq ending 1.7% higher.
Ventura Wealth Management's Tom Cahill said investors' “reassurance” that the inflation report was “less bad than expected” was driving stock prices higher after Wednesday's consumer price data sent stocks plummeting. He said that it is a reflection of the
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The European Central Bank kept interest rates on hold as expected, but said a slowdown in European price growth could open the door to monetary easing, raising hopes for a first rate cut in June.
Eurozone stock prices rose in response, but were unable to maintain their gains and closed the session lower.
The ECB said in an update that a rate cut would be appropriate if eurozone inflation continues to fall towards its 2.0% target. The next inflation forecast update is scheduled for the June meeting.
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“The ECB's decision to update its guidance suggests that a rate cut is very likely at its next June meeting,” said Jack Allen Reynolds, deputy chief euro area economist at Capital Economics. Ta.
World oil prices fell, with Brent crude oil futures below $90 per barrel, but the tensions in the Middle East limited losses, and prices remained near six-month highs.
Kathleen Brooks, research director at XTB, cited oil prices as a source of dissatisfaction among central bankers seeking to lower interest rates.
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“What unites the ECB, the Fed and the BOE is the possibility of oil reaching $100 and causing further inflation,” he said.
Meanwhile, the dollar rose to 153.33 yen, its highest level since 1990, as the possibility of a US interest rate cut faded.
Tokyo authorities said they would keep options open regarding support for the troops.
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New York – Dow: Flat rate 38,459.08 (closing price)
New York – S&P 500: up 0.7% to 5,199.06 (close)
New York-Nasdaq Composite: up 1.7% to 16,442.20 (close)
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London – FTSE 100: down 0.5% to 7,923.80 (close)
Paris – CAC 40: down 0.3% to 8,023.74 (close price)
Frankfurt – DAX: 0.8% lower at 17,954.48 (close price)
Euro STOXX 50: 4,966.68 (closing price), down 0.7%
Tokyo – Nikkei 225: down 0.4% to 39,442.63 (closing price)
Hong Kong Hang Seng Index: 0.3% lower at 17,095.03 (closing price)
Shanghai – Overall: up 0.2% to 3,034.25 (close price)
Dollar/JPY: rose to 153.25 yen from Wednesday's 153.16 yen
EUR/USD: down from $1.0743 to $1.0730
GBP/USD: up from $1.2540 to $1.2556
EUR/GBP: down from 85.66p to 85.43p
Brent crude oil: down 0.8% to $89.74 per barrel
West Texas Intermediate: down 1.4% to $85.02 per barrel
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