![]() "(US CPI) may well see further improvement as petrol prices have continued to pull back," he said. "A downside surprise in US CPI is likely more of a concern and that could see the dollar weakening further," Charu Chanana, a strategist at Saxo Capital Markets, told Bloomberg Television.Ĭlifford Bennett, chief economist at ACY Securities, said he expected stocks to "continue to drift higher" ahead of Tuesday's US CPI data. Traders expect the Fed to impose another large rate hike next week, after two 75-basis-point increases already. This week, investors worldwide will be closely watching US inflation data for August, due to be released on Tuesday, with the consumer price index (CPI) expected to ease slightly to eight% - still well above the Fed's two-percent target. Markets in Hong Kong, China and South Korea were closed for a public holiday. ![]() London, Paris and Frankfurt all opened higher on Monday, with bourses in Japan, Australia, Singapore, Taiwan, Jakarta, Malaysia and Thailand also rising. Nagel predicted inflation in Europe might peak at more than 10% in December. The ECB raised the key rate by a historic 75 basis points last week, and markets expect a similar-sized hike at an October meeting. The European single currency rocketed more than 1.4% against the dollar and 1.6% versus the yen. ![]() The euro surged in early trading, a day after German central bank chief Joachim Nagel signalled that the European Central Bank (ECB) would probably continue raising its key rate. (Reuters)Īsian and European markets rallied on Monday, building on the momentum of gains in the United States and elsewhere at the end of last week, as investors price in the expectation of further interest rate hikes aimed at taming inflation. FILE PHOTO: A view of the new Beijing Stock Exchange on Financial Street, in Beijing, China, Nov 15, 2021.
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