- EU court blocks French ban on vegetable 'steak' labelling
- Meta AI turns pictures into videos with sound
- US dockworkers return to ports after three-day strike
- DR Congo to begin mpox vaccination campaign Saturday in east
- Meta must limit data use for targeted ads: EU court
- Oil extends gains, jobs report lifts Wall Street
- US hiring soars past expectations in sign of resilient market
- As EU targets Chinese cars, European rivals sputter
- Top EU court finds against FIFA in key transfer market ruling
- Oil extends gains, Hong Kong stocks resume rally
- 'A man provides': Ukrainian miners send families away as Russia advances
- EU states greenlight extra tariffs on EVs from China
- Hong Kong stocks resume rally, oil dips after Middle East-fuelled surge
- Crude stable after Israel-Iran surge, Hong Kong stocks resume gains
- Hera spacecraft to probe asteroid deflected by defence test
- US dockworkers to head back to work after tentative deal
- After Helene's destruction, North Carolina starts to rebuild
- Dockers end three-day strike at Montreal port
- What next for OpenAI after $157 billion bonanza?
- Israel-Hamas war causes 86-percent dive in Gaza GDP: IMF
- Milan's Morata moves house after Inter-fan town mayor 'violates' privacy
- 'Devastating' storm hits Augusta National but Masters will go on
- Relief in Brazil, Asia over delay to EU deforestation rules
- Oil prices jump, stocks fall on Middle East tensions
- Biden says 'discussing' possible Israeli strikes on Iran oil facilities
- Oil prices rise, stocks fall on Middle East tensions
- Oil rallies, stocks mostly retreat on Middle East tensions
- Phasing out teen smoking could save 1.2 mn lives: study
- 'Welcome relief': Asia producers hail EU deforestation law delay
- Japan PM slated to announce plans for 'happiness index'
- Turkish inflation falls less than expected in September at 49.4%
- Easing inflation lifts profit at UK supermarket Tesco
- Skiing calls on UN climate science to combat melting future
- China wine industry looks to breed climate resilience
- Tokyo rallies on weak yen, Hong Kong drops after surge
- Dutch airline KLM unveils 'firm' cost-cutting measures
- Carpe diem: the Costa Rican women turning fish into fashion
- Senegal looks to aquaculture as fish stocks dwindle
- Will AI one day win a Nobel Prize?
- Climate change, economics muddy West's drive to curb Chinese EVs
- Argentina's Milei vetoes university budget after huge protests
- TotalEnergies plans to grow oil and gas production until 2030
- 2024 Nobels offer glimmer of hope as global crises mount
- Tokyo rallies on weak yen, Hong Kong reverses after surge
- Tunisia readies for vote as incumbent Saied eyes victory
- High childcare costs in US weigh on women's employment
- US voters seek help with crushing childcare costs
- Taiwan shuts down for second day as Typhoon Krathon to land
- Supercharged storms: how climate change amplifies cyclones
- Biden official urges talks as US port strike enters second day
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Stocks rise on more positive inflation data
Stock markets were mostly higher on Thursday after new US data suggested that inflation could indeed be slowing in the world's biggest economy, raising hopes of less aggressive Federal Reserve monetary policy.
The US producer price index (PPI) rose by 9.8 percent year-on-year in July, the Labor Department calculated, down from 11.3 percent in June. And on a monthly basis, the index actually fell for the first time in over a year.
Coming after better-than-expected consumer price data the day before, the PPI numbers cheered investors as they suggested that the Fed could begin taking its foot off the pedal somewhat when it comes to raising interest rates to dampen inflation, traders said.
Wall Street was higher on the news, while European markets, which had been in the red earlier in the session, were mostly able to end the day in positive territory.
"The key takeaway from the report is the moderation seen in the year-over-year inflation readings. That follows on the heels of the pleasing CPI data and it fits neatly within the supportive peak inflation narrative that has been a boon for investor sentiment," said Patrick O'Hare, analyst at Briefing.com.
Nevertheless, leading Fed officials have already sought to temper expectations that the monetary policy tightening cycle could be coming to a complete halt.
The head of the Minneapolis Federal Reserve Bank, Neel Kashkari, warned: "We are a long way away from saying that we're anywhere close to declaring victory".
The chief of the Chicago Federal Reserve Bank, Charles Evans, said rates will continue to rise for "the rest of this year and into next year".
"Investors are certainly in a more upbeat mood as the relief from the US inflation data ripples through the markets," said OANDA analyst Craig Erlam.
However, "Fed policymakers remain keen to stress that the tightening cycle is far from done and a policy U-turn early next year is highly unlikely," Erlam said.
- Half-point rise?-
After the Fed already raised interest rates by three-quarters of a percentage point twice this year, the financial markets fear that a further hike of the same magnitude could choke off economic recovery.
"Though the probability of another 75-basis-point hike in September has fallen sharply, the debate about a hike of 50 or 75 basis points will continue, and the Fed will be keen to keep that debate going, until we get the next consumer price inflation and employment reports," said Forex.com analyst Fawad Razaqzada.
Investors will therefore be listening out for further comments from policymakers over the next weeks to better gauge the likely pace of further rate hikes, traders said.
On the oil market, crude prices climbed as US recession fears eased -- but remained around six-month lows and below the levels seen before the Ukraine war.
- Key figures at around 1535 GMT -
New York - Dow: UP 0.5 percent at 33,460.13 points
London - FTSE 100: DOWN 0.5 percent at 7,465.91 (close)
Frankfurt - DAX: DOWN 0.1 percent at 13,694.51 (close)
Paris - CAC 40: UP 0.3 percent at 6,544.67 (close)
EURO STOXX 50: UP 0.2 percent at 3,757.05
Hong Kong - Hang Seng Index: UP 2.4 percent at 20,082.43 (close)
Shanghai - Composite: UP 1.6 percent at 3,281.67 (close)
Tokyo - Nikkei 225: Closed for a holiday
Euro/dollar: UP at $1.0335 from $1.0299 Wednesday
Pound/dollar: DOWN at $1.2214 from $1.2213
Euro/pound: UP at 84.59 pence from 84.29 pence
Dollar/yen: DOWN at 132.67 yen from 132.89 yen
Brent North Sea crude: UP 1.3 percent at $98.64 per barrel
West Texas Intermediate: UP 1.4 percent at $93.17 per barrel
X.Cheung--CPN