Stocks Recover Ahead of Inflation Data
October 18 2016 - 4:30AM
Dow Jones News
Stocks and commodities rebounded Tuesday while bond markets
stabilized ahead of closely watched inflation data.
The Stoxx Europe 600 was up 0.9% in the early minutes of
trading, led by miners and oil and gas companies. Brent crude oil
rose 0.7% at $51.89 a barrel, while copper, silver, and gold all
bounced, supporting the basic resources sector.
Dollar-denominated commodities got a lift as the greenback
pulled back from its highest level since March. The WSJ Dollar
Index extended declines early Tuesday and was last down 0.2%, while
the pound rose 0.4% against the dollar to $1.2235.
Investors were looking ahead to consumer price index reports
from the U.K. and U.S. due later Tuesday, which are both expected
to show a pickup.
Futures pointed to a 0.4% opening gain for the S&P 500,
after the index closed at its lowest level in over a month. Shares
of Netflix Inc. jumped over 20% in after-hours trading after
posting a surge in new subscribers, supporting sentiment around
U.S. stocks.
Shares in Asia also advanced, as markets in Hong Kong and
Shanghai more than reversed Monday's losses and Japan's Nikkei
Stock Average inched up 0.4% as investors slightly dialed back
expectations for higher U.S. interest rates.
A number of Federal Reserve officials are building a case to
skip over the November policy meeting and raise short-term rates
again in December, aligning the central bank with financial market
expectations.
Michael S. Derby contributed to this article.
Write to Riva Gold at riva.gold@wsj.com
(END) Dow Jones Newswires
October 18, 2016 04:15 ET (08:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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