CANBERA (dpa-AFX) - Rate cut expectations from the Fed eased after data from the U.S. revealed a higher-than-expected level of producer price inflation. The unexpected decline in the weekly initial jobless claims also weighed on Fed rate cut expectations as well as global market sentiment.
Data released by the U.S. Bureau of Labor Statistics on Thursday morning showed headline producer prices as well as its core component rising 0.9 percent month-on-month in July versus the flat reading in June. The biggest increase in producer prices since June 2022 came in much higher than expectations of 0.2 percent.
Wall Street Futures are trading in the red. Benchmarks in Europe are trading on a mostly positive note. Asian markets finished trading on a mostly negative note.
The six-currency Dollar Index rallied close to a quarter percent. Ten-year bond yields mostly hardened. Crude oil prices rallied amidst anxiety ahead of the upcoming meeting between U.S. and Russian presidents. Gold declined amidst hotter-than-expected producer price inflation update from the U.S. Bitcoin retreated after scaling a fresh high. Most cryptocurrencies are trading in the red.
Here is a snapshot of the major world markets at this hour.
Stock Indexes:
DJIA (US30) at 44,775.70, down 0.33% S&P 500 (US500) at 6,442.00, down 0.38% Germany's DAX at 24,284.99, up 0.39% U.K.'s FTSE 100 at 9,159.15, down 0.07% France's CAC 40 at 7,830.83, up 0.33% Euro Stoxx 50 at 5,404.85, up 0.31% Japan's Nikkei 225 at 42,649.26, down 1.45% Australia's S&P ASX 200 at 8,873.80, up 0.53% China's Shanghai Composite at 3,666.44, down 0.46% Hong Kong's Hang Seng at 25,519.32, down 0.37%
Currencies:
EUR/USD at 1.1663, down 0.36% GBP/USD at 1.3552, down 0.14% USD/JPY at 147.03, down 0.26% AUD/USD at 0.6502, down 0.67% USD/CAD at 1.3800, up 0.28% Dollar Index at 98.05, up 0.22%
Ten-Year Govt Bond Yields:
U.S. at 4.250%, up 0.21% Germany at 2.6947%, up 0.55% France at 3.358%, up 0.54% U.K. at 4.6110%, up 0.48% Japan at 1.560%, up 3.17%
Commodities:
Brent Oil Futures (Oct) at $66.19, up 0.85%. Crude Oil WTI Futures (Sep) at $63.24, up 0.94%. Gold Futures (Dec) at $3,401.12, down 0.21%.
Cryptocurrencies:
Bitcoin at $118,451.91, down 1.49% Ethereum at $4,544.83, down 2.97% XRP at $3.09, down 5.34% BNB at $834.79, down 2.05% Solana at $194.07, down 3.54%
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