Thu, Feb 22, 2024 2:53 PM
European shares hit all-time highs, global momentum builds
A Flip by Riya Sharma
Asian shares drifted higher Thursday after US inflation data supported the case for another Federal Reserve rate cut next month. Stocks in Japan and Australia climbed, while futures for Hong Kong fell as a gauge of US-listed Chinese companies declined Wednesday. Hong Kong’s stock exchange will keep its markets open despite signs of severe weather.
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Oil prices dropped slightly early on Thursday on expectations of higher global production amid forecasts for weak demand growth, while a firmer dollar also kept a lid on prices. Brent crude futures were down 6 cents, or 0.08%, at $72.22 a barrel by 0133 GMT. U.S. West Texas Intermediate crude (WTI) futures were down 13 cents, or 0.19%, at $68.30.
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The Dow and the S&P 500 ended slightly higher on Wednesday while the Nasdaq lost ground after October data showed consumer prices rising in line with expectations, adding support to bets that the U.S. Fed will cut interest rates in December. The CPI rose 0.2% in October for the fourth straight month and advanced 2.6% on an annual basis, the Labor Department's Bureau of Labor Statistics said.
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