Global markets: Stocks steady as chipmakers recover ahead of US inflation data
SPY•Global stocks edged higher as technology shares recovered ahead of US inflation data, while Brent crude rose nearly 1% to $106.50 a barrel. Traders priced a roughly 20% chance of a Federal Reserve rate hike this month.
1. Stocks edge higher
Global stocks rose on Wednesday as AI-related shares steadied and investors awaited US inflation data. Europe's STOXX 600 gained 0.4%, while the MSCI All-World index edged up 0.1%. ASML shares rose 3% after the Dutch chip equipment maker gave an upbeat outlook, and technology shares advanced in Europe and Asia.
2. Oil and bonds
Brent crude rose nearly 1% to $106.50 a barrel, near its highest in almost two weeks, after attacks on two vessels in the Strait of Hormuz and comments from Iranian officials raised concerns about energy supply disruption. The 10-year Treasury yield fell 2 basis points to 5.2%, and the 30-year yield dropped 2 basis points to 5.58%, its fourth consecutive daily decline.
3. Inflation in focus
Investors awaited September US consumer price data, with economists estimating annual headline inflation accelerated to 3.6% and core CPI rose 0.2% from the prior month. Money markets priced roughly a 20% chance of a Federal Reserve rate hike this month and a near-100% chance of a December increase. S&P 500 and Nasdaq futures were up 0.2%.
