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World shares mostly higher after US inflation up 5% in May
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People wearing face masks stand next to a bank's electronic board showing the Hong Kong share index in Hong Kong, Friday, June 11, 2021. Shares were mostly higher in Asia on Friday after the S&P 500 index notched another record high despite a 5% surg

 

 

Shares were mostly higher in Europe and Asia on Friday after the S&P 500 index notched another record high despite a surge in U.S. consumer prices in May.

 

Benchmarks rose in เกมส์xo Paris, Frankfurt and Hong Kong but fell in Tokyo and Shanghai.

 

On Thursday, Wall Street logged gains while bond yields mostly fell despite the much-anticipated report showing consumer prices rose 5% in May, the biggest year-over-year increase since 2008 and more than economists had expected.

 

Investors also reacted positively to more data that showed continued improvement in the labor market.

 

Markets will be tuning in this weekend for any developments at the summit of the Group of Seven in Britain. At the top of the leaders' agenda is helping countries recover from the coronavirus pandemic, which has killed more than 3.7 million people and wrecked economies.

 

The G-7 leaders are meeting for three days at a British seaside resort. It's the first such gathering since before the pandemic.

 

Investors will get to see next week how the Fed is reading the latest inflation barometer and what monetary policy changes, if any, the central bank may consider. The Fed's policymaking committee is due to deliver its latest economic and interest rate policy update next Wednesday.

 

Germany's DAX gained less than 0.1% to 15,577.14 and the CAC 40 in Paris added 0.4% to 6,572.01. Britain's FTSE 100 advanced 0.5% to 7,124.05. U.S. futures were little changed. The contract for the S&P 500 was flat at 4,228.80. The future for the Dow industrials edged 0.1% higher, to 34,376.00.

 

Investors seem to still be buying into the Federal Reserve's stance that the current bout of inflation is transitory, said Jeffrey Halley of OANDA.

 

“Financial markets have long raised a selective use of facts to an art form,” Halley said in a report. “Although the US inflation measures rose once again and slightly above forecast, the actual increases were less than those recorded in April."



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