(Times Of Update) — Stocks saw slight moves as traders focused on key European inflation data and the Federal Reserve’s preferred measure of price growth for guidance on scope and timing political relaxation.
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The Stoxx 600 changed little, with a gain of 2.4% over the month. U.S. stock contracts fell slightly after the S&P 500 fell on Thursday, led by losses in the technology sector. The dollar and US Treasuries remained stable.
The core PCE deflator, which the Fed favors to measure inflation, likely moderated in April to the slowest monthly pace on record this year. In Europe, price data will help traders gauge how much room policymakers have to cut interest rates ahead of next week’s European Central Bank meeting.
Stock market gains this month were fueled by the tech sector’s recovery as well as Fed Chairman Jerome Powell’s dovish stance on rates in early May. That optimism has faded over the month, and Friday’s data could revive hopes for easing if there are signs inflation is returning to target.
Global bond markets waver once again as rate cut hopes fade
In emerging markets, the South African rand led the decline among its developing country peers after falling more than 3% over three days. Investors are awaiting the final results of national elections, worried about the different permutations a coalition could take and the emergence of a market-friendly government.
Hope and anxiety grip South African markets as coalition era dawns
Trump found guilty
Elsewhere, a jury found Donald Trump guilty of all 34 counts of falsifying business records during his secret trial, making him the first former US president to be convicted of crimes. With Trump scheduled to be sentenced on July 11, the conviction creates a daunting legal and political path as he faces President Joe Biden in November as the presumptive Republican nominee.
“Expectations of a guilty verdict have been somewhat priced in by the markets,” Paresh Upadhyaya, director of fixed income and foreign exchange strategy at Amundi Asset Management in Boston. “The biggest impact on markets could come if this guilty verdict begins to shift momentum away from Trump and toward Biden. »
Trump Media & Technology Group fell 12% in extended trading.
Wall Street billionaires are rushing to support Trump, the verdict be damned
Key events this week:
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Eurozone CPI, Friday
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US consumer income, spending, PCE deflator, Friday
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Fed’s Raphael Bostic speaks Friday
Some of the main market movements:
Actions
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The Stoxx Europe 600 was little changed at 8:55 a.m. London time
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S&P 500 futures fell 0.2%
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Nasdaq 100 futures fell 0.5%
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Dow Jones Industrial Average futures little changed
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MSCI Asia Pacific Index little changed
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The MSCI Emerging Markets Index fell 0.7%
Currencies
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The Times Of Update Dollar Spot Index rose 0.1%
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The euro was little changed at $1.0823
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The Japanese yen fell 0.2% to 157.14 per dollar
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The offshore yuan fell 0.1% to 7.2618 per dollar.
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The British pound fell 0.2% to $1.2705
Cryptocurrencies
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