Stocks Steady Before U.S. CPI; Crude Oil Advances: Markets Wrap
Added 09-14-21 07:04:02am EST - “(Bloomberg) -- Stocks and U.S. futures were little changed ahead of inflation data that could influence expectations about the Federal Reserve's likely timing for paring stimulus. Treasury yields and the dollar were steady. Basic-resources…” - News.yahoo.com
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(Bloomberg) -- Stocks and U.S. futures were little changed ahead of inflation data that could influence expectations about the Federal Reserve’s likely timing for paring stimulus. Treasury yields and the dollar were steady.
Basic-resources shares declined in Europe as iron ore dropped for a fifth day, with production curbs in China weighing on demand and investors awaiting industrial and economic data due this week. Energy stocks gained along with crude oil as another storm menaced a key U.S. hub just weeks after Hurricane Ida hammered local output.
Apple Inc. shares rose in pre-market trading as the company patched a security flaw in its Messages app and prepares a highly anticipated product launch on Tuesday.
The focus is firmly on price pressures, with a gauge of commodities around a decade-high and a report later Tuesday expected to show a fourth month of U.S. inflation at 5% or more. The global stock-market rally is facing headwinds amid concerns about the delta virus strain and risks from elevated inflation, which is being stoked by Covid-19 related supply disruptions.
“Investors don’t want to have massive positions before the inflation data as the risks are to the upside as Covid inflation continues to hamper supply chains,” Edward Moya, a senior market analyst at Oanda, said in a note. “If inflation comes in hotter-than-expected, taper expectations could shift from December to November.”
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