AVN 64.74 Decreased By ▼ -0.26 (-0.4%)
BAFL 31.23 Increased By ▲ 0.08 (0.26%)
BOP 4.82 Increased By ▲ 0.11 (2.34%)
CNERGY 3.86 Decreased By ▼ -0.02 (-0.52%)
DFML 14.11 Increased By ▲ 0.41 (2.99%)
DGKC 41.69 Increased By ▲ 0.42 (1.02%)
EPCL 46.36 Decreased By ▼ -0.33 (-0.71%)
FCCL 11.41 Decreased By ▼ -0.01 (-0.09%)
FFL 5.06 Increased By ▲ 0.02 (0.4%)
FLYNG 5.78 Decreased By ▼ -0.04 (-0.69%)
GGL 9.92 Decreased By ▼ -0.03 (-0.3%)
HUBC 64.23 Increased By ▲ 0.13 (0.2%)
HUMNL 5.61 Decreased By ▼ -0.04 (-0.71%)
KAPCO 27.84 Increased By ▲ 0.04 (0.14%)
KEL 2.15 Increased By ▲ 0.02 (0.94%)
LOTCHEM 24.52 Increased By ▲ 0.22 (0.91%)
MLCF 21.75 Increased By ▲ 0.35 (1.64%)
NETSOL 84.19 Decreased By ▼ -0.01 (-0.01%)
OGDC 87.30 Decreased By ▼ -0.64 (-0.73%)
PAEL 10.95 Increased By ▲ 0.05 (0.46%)
PIBTL 4.24 Increased By ▲ 0.06 (1.44%)
PPL 76.63 Decreased By ▼ -1.07 (-1.38%)
PRL 13.69 Increased By ▲ 0.07 (0.51%)
SILK 0.90 Increased By ▲ 0.01 (1.12%)
SNGP 41.52 Decreased By ▼ -0.41 (-0.98%)
TELE 5.95 Increased By ▲ 0.08 (1.36%)
TPLP 15.77 Decreased By ▼ -0.01 (-0.06%)
TRG 111.25 Decreased By ▼ -1.05 (-0.93%)
UNITY 13.92 Decreased By ▼ -0.03 (-0.22%)
WTL 1.14 Increased By ▲ 0.01 (0.88%)
BR100 4,046 Decreased By -1.8 (-0.05%)
BR30 14,434 Decreased By -33.1 (-0.23%)
KSE100 40,620 Decreased By -53.1 (-0.13%)
KSE30 15,170 Decreased By -20 (-0.13%)
Follow us

LONDON: Stock markets mostly climbed and the dollar advanced Wednesday as traders awaited key US inflation numbers that could give a clearer idea on when the Federal Reserve may hike interest rates.

News that US President Joe Biden's $1.2-trillion infrastructure spending bill had finally passed the Senate helped Wall Street hit new records overnight, while Asian and European equities largely rose Wednesday.

"The major event on today's economic calendar is the US consumer price inflation report," noted Ipek Ozkardeskaya, senior analyst at Swissquote.

"A consensus of analyst expectations hint that the US consumer prices may be stabilising near the 5.4-percent level printed last month."

Ozkardeskaya added however that the number could undershoot expectations following recent falls in oil prices.

Equities have had a largely positive week after a recent run of pressure caused by the prospect of higher interest rates to tame soaring inflation, as well as by the fast-spreading Delta variant of the coronavirus, which has dampened oil demand prospects.

There are concerns also about China's crackdown on sectors including tech and private tuition.

Defensive, technology stocks power European markets to record close

US July inflation data could have a bearing on the Fed's decision on when to start tapering the vast bond-buying programme that has been a major pillar of support for global markets since April last year.

Soaring prices in recent months and blockbuster jobs creation have ramped up pressure on the bank to tighten policy in order to prevent the economy from overheating.

And with several officials indicating their support for a tightening before year's end, the question now is when -- not if -- it will move, leaving observers to suggest an interest rate hike as early as 2022.

"While the Fed may well still be able to argue the continued rise in prices is transitory... if June's number doesn't mark the high-water mark, then Fed officials may start to shift a little bit more uncomfortably as we head into the autumn," said CMC Markets analyst Michael Hewson.

"However, whatever happens this week the direction of travel towards a taper seems a little more straightforward than it was a couple of months ago, given recent jobs data."

Key figures around 1115 GMT

London - FTSE 100: UP 0.5 percent at 7,194.64 points

Frankfurt - DAX 30: FLAT at 15,773.34

Paris - CAC 40: UP 0.3 percent at 6,839.87

EURO STOXX 50: UP 0.2 percent at 4,196.12

Tokyo - Nikkei 225: UP 0.7 percent at 28,707.51 (close)

Hong Kong - Hang Seng Index: UP 0.2 percent at 26,660.16 (close)

Shanghai - Composite: UP 0.1 percent at 3,532.62 (close)

New York - Dow: UP 0.5 percent at 35,264.67 (close)

Euro/dollar: DOWN at $1.1713 from $1.1722 at 2040 GMT

Pound/dollar: DOWN at $1.3814 from $1.3840

Euro/pound: UP at 84.79 pence from 84.67 pence

Dollar/yen: UP at 110.74 yen from 110.58 yen

Brent North Sea crude: DOWN 1.0 percent at $69.92 per barrel

West Texas Intermediate: DOWN 1.1 percent at $67.55 per barrel

Comments

Comments are closed.

Stocks, dollar climb before US inflation data

Former interior minister Sheikh Rashid arrested

Jan food prices rise 43pc YoY

High inflation, low growth and falling forex: Country confronted with variety of challenges: MoF

IMF revises inflation rate upward

KE CEO directed to appear before Senate panel

KE files four tariff pleas with Nepra

Officers dealing with IMF exempted from meetings at PMO

PM to open K3 nuclear power plant today

General election not possible before Oct?

Mushtaq appointed DG (Debt)