Global stocks inch higher as investors await United States inflation data

Weekly USD  JPYMore

Weekly USD JPYMore

As inflation slowly makes its way into the supply chain, retail apparel prices increased 1.5% in February following a 1.7% rise in January, the U.S. Bureau of Labor Statistics reported Tuesday in its Consumer Price Index (CPI). Airline fares rose 0.6% on the month but were down 5.4% on the year, while the cost of wireless telephone services dropped 0.5% from January and are down 9.4% from February 2017. The uptick in core prices also matched expectations.

In this fiscal to date, CPI inflation averaged at 3.5%, a sharp slide from 4.6% for the same period in fiscal 2017. Volume is low as investors prepare for a week of major economic reports including consumer inflation, producer inflation, retail sales and building permits. (NASDAQ: NFLX) +4.5 percent, Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) +3 percent, Microsoft Corporation (NASDAQ: MSFT) +2.2 percent, Amazon.com Inc (NASDAQ: AMZN) +1.75, Apple Inc (NASDAQ: AAPL) +1.7, and Facebook Inc (NASDAQ: FB) +1.6 percent.

The Consumer durables and Consumer non-durables have recorded growth of 8.0percent and 10.5% respectively. The selloff came on the back of strong USA wage numbers, which investors feared might feed into inflation and push the US central bank towards a faster pace of monetary tightening. Further, seasonal increase in food prices will impact inflation from April too.

The Index of Industrial Production (IIP) had grown at 7.1 per cent in December 2017.The growth was driven by the manufacturing sector which grew by 8.7 per cent during the month as compared to 2.5 per cent in January 2017, showing signs of recovery.

Fuel and light inflation has seen increase of 6.80%. Economists polled by Bloomberg News had expected an annual reading of 4.7 percent.

Last week's jobs report, which showed that employers added 313,000 jobs, the most in 1 1/2 years, indicated that such an acceleration may be happening. The food index was unchanged in February, as a decline in the index for food at home offset an increase in the food away from home index.

February's Consumer Price Index data is due out Tuesday at 7:30 am CT.

Retail inflation still remained above the 4 per cent medium-term target of the Reserve Bank of India (RBI), strengthening views that it will hold rates steady at its April meeting rather than raise them.

November. Electricity growth was also impressive at 7.6% (4.4%).

"Whether this easing sustains or not depends on multiple factors, including the agricultural production as well as the threat of rising crude oil prices on the back of further output cuts".

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