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Stocks mostly higher while dollar extends the retreat

Stocks mostly higher while dollar extends the retreat

April 14, 2021 05:08
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Home » Stocks mostly higher while dollar extends the retreat

Stocks mostly higher while dollar extends the retreat

by Stephen Soo
April 14, 2021 05:08
in Fundamental analysis
0
Stocks mostly higher while dollar extends the retreat

US consumer prices increased by 0.6% in March, the fastest rate since 2012

Wall Street stocks were mostly higher overnight despite the U.S. government reported consumer prices increased by 0.6% in March, the fastest rate since 2012. The reaction to the report was positive due to the fact that the Federal Reserve has said earlier that a rise in consumer prices would be temporary. As such, the S&P 500 rose 0.33%, the Dow Jones Industrial Average fell 0.2%, and the Nasdaq gained 1.05%. In individual stocks, Johnson & Johnson shares shed 1.34% after U.S. regulators suspended the use of its vaccine to investigate possibly dangerous blood clots.

Asian stocks finished in positive territory on Wednesday, as bond yields continued to ease after data showed U.S. inflation was not rising as fast as many feared despite the figures came in higher than expected. The Shanghai Composite Index gained 0.60%, Hang Seng in Hong Kong advanced 1.42%, the Kospi in Seoul was up 0.42% while the Nikkei 225 in Tokyo bucked the trend, shedding 0.44% amid a rising number of coronavirus cases in Japan.

In Europe, equities opened slightly higher to start the day while US futures are keeping near flat levels. On the positive side, upbeat earnings from German software firm SAP and French luxury goods maker LVMH lifted investor sentiment while concerns over a resurgent COVID-19 pandemic persist. The Stoxx Europe 600 index inched up just 0.1% in early trading.

Meanwhile, the greenback extended the retreat along with bond yields following a strong CPI report. EURUSD climbed to nearly one-month highs around 1.1975, targeting the 1.2000 handle that could trigger a correction as the common currency still lacks the appeal to stage a more robust rally at this stage. On the downside, the immediate support is now expected at 1.1945, followed by 1.1900.

Tags: Covid-19DOW JONESEURUSDNasdaqNikkeiStoxx 600
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Stephen Soo

Stephen Soo

Stephen's specialty is fundamental analysis. He graduated from the Booth School of Business, the University of Chicago. Stephen currently cooperates with several news agencies, and on FWNews he publishes macroeconomic news and reviews on brokerage companies.

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