Global stock prices rose on Thursday and the euro hit a 17-month high against the U.S. dollar as a slowdown in U.S. inflation boosted hopes that the U.S. Federal Reserve could soon end its rate hike campaign.
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US investors were encouraged not only by the decline in inflation, but also by other economic data and corporate earnings indicators.
Confidence is growing that the US economy will avoid recession, that the FRS is close to ending rate hikes, and that there will be a return to corporate profit growth in the second half, said Briefing.com analyst Patrick O’Hare.
The euro rose above $1.12 against the US dollar, the highest level since February 2022. The British pound rose above $1.31 per euro to a 16-month high against the US dollar.
The Dow Jones Industrial Average rose 0.1% to 34,395.14 on Thursday, the Standard & Poor’s 500 rose 0.9% to 4,510.04, while the Nasdaq Composite gained 1.6% to 14,138.57 points.
London’s FTSE 100 rose 0.3% to 7,440.21 on Thursday, Frankfurt’s DAX rose 0.7% to 16,141.03 and Paris’ CAC 40 rose 0.5% to 7,369. 80 points.
WTI crude oil rose 1.5% to $76.89 a barrel in electronic trading on the New York Stock Exchange on Thursday. The price of “Brent” crude oil on the London Stock Exchange rose by 1.6% to 81.36 dollars per barrel.
On the Dutch exchange “Title Transfer Facility” (TTF), the price of natural gas fell by 0.12% to 26.61 euros per megawatt hour on Thursday.
The euro rose against the US dollar on Thursday from $1.1129 to $1.1230/euro, the British pound rose from $1.2988 to $1.3134/pound and the US dollar against the Japanese yen fell from 138.50 to 138.03 yen per dollar. The euro fell against the British pound from 85.69 to 85.47 pence per euro.
2023-07-14 05:48:26
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