European and US stocks rose on Wednesday after data showed US inflation fell more than expected in June.
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These data raised hopes that the US Federal Reserve (FRS) could soon end its cycle of interest rate hikes.
The US dollar fell against other major currencies.
Oil prices rose, and the price of “Brent” crude oil exceeded 80 dollars per barrel on the London Stock Exchange.
The FRS and other central banks have raised interest rates in an effort to reduce consumer prices, which have risen as countries recover from the Covid-19 pandemic and further increased after Russia’s full-scale invasion of Ukraine.
Data released by the US Ministry of Employment on Wednesday show that annual inflation in the US decreased to 3.0% in June compared to 4.0% in May, thus registering the lowest level since March 2021. Analysts had predicted that annual inflation would drop to 3.1% in June.
The Dow Jones Industrial Average rose 0.3% to 34,347.43 on Wednesday, the Standard & Poor’s 500 rose 0.7% to 4,472.16, while the Nasdaq Composite gained 1.2% to 13,918.96 points.
London’s FTSE 100 rose 1.8% to 7,416.11 on Wednesday, Frankfurt’s DAX rose 1.5% to 16,023.00 and Paris’ CAC 40 rose 1.6% to 7,333. 01 for point.
WTI crude oil rose 1.2% to $75.75 a barrel in electronic trading on the New York Stock Exchange on Wednesday. “Brent” crude oil price on the London Stock Exchange rose by 0.9% to 80.11 dollars per barrel.
On the Dutch stock exchange “Title Transfer Facility” (TTF), the price of natural gas fell by 8.33% to 26.64 euros per megawatt hour on Wednesday.
The euro rose against the US dollar on Wednesday from $1.1009 to $1.1138 per euro, the British pound against the US dollar rose from $1.2933 to $1.2992 per pound and the US dollar against the Japanese yen fell from 140.36 to 138.47 yen per dollar. The euro rose against the British pound from 85.12 to 85.70 pence per euro.
2023-07-13 04:12:43
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