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Shares rise, yields off slightly after U.S. inflation data

By Sinéad Carew and Danilo Masoni NEW YORK/MILAN (Reuters) - The S&P 500 and the Dow were gaining ground on Wednesday and the dollar index declined after data showed U.S....

By Sinéad Carew and Danilo Masoni

NEW YORK/MILAN (Reuters) - The S&P 500 and the Dow were gaining ground on Wednesday and the dollar index declined after data showed U.S. inflation slowed on a year-on-year basis last month, giving investors some hope that price surges are peaking.

U.S. stock futures initially lost ground after core inflation, excluding items such as oil prices was higher than expected. But ultimately investors appeared encouraged by the annual consumer price growth change to 8.3% in April from 8.5% in March even though it was above the 8.1% analyst estimate.

Similarly while bond yields climbed immediately after the report in what Jim Paulsen, chief investment strategist at The Leuthold Group in Minneapolis called an emotional first reaction, they lost some ground as investors digested the news.

"At the end of the day we can get all excited about whether it's a little higher or a little lower but clearly the year-on- year inflation rate rolled over and looks like it peaked in March. It seems to have turned the corner," he said.

"The other good thing here is that bond yields had a knee jerk reaction but calmed down. Whatever you think about the inflation report today it appears that bond yields were already high enough and stocks were already low enough. That tells you they had both priced in for hot inflation."

The Dow Jones Industrial Average rose 213.25 points, or 0.66%, to 32,373.99, the S&P 500 gained 18.18 points, or 0.45%, to 4,019.23 and the Nasdaq Composite dropped 61.52 points, or 0.52%, to 11,676.15.

Nasdaq fell as interest rate sensitive growth sectors, technology and consumer discretionary, reacted negatively to the inflation data. Paolo Zanghieri, senior economist at Generali (BIT:GASI) Investments, said it confirmed that inflation's return to more tolerable levels would take time.

"Overall today's data add to the case of the strong front-loading called for by (Fed Chair Jerome) Powell in the last meeting, who also suggested the possibility of two more 50bps rise in June and July," Zanghieri said.

"However, this will keep concern on the possibility of a recession high, and ultimately weakening growth may lead the Fed to temper it tightening after the summer."

The pan-European STOXX 600 index rose 1.54% and MSCI's gauge of stocks across the globe gained 0.61%. On Tuesday, the global index had fallen to its lowest level since December 2020 on fears Fed tightening could significantly slow down the global economy.

While the dollar index gained ground initially after the inflation news it was last down 0.25%, with the euro up 0.19% to $1.0547. The Japanese yen strengthened 0.17% versus the greenback at 130.22 per dollar, while Sterling was last trading at $1.2329, up 0.06% on the day.

After falling to their lowest levels in almost a week earlier on Wednesday, benchmark 10-year Treasury yields initial reaction to the inflation data was to march back towards the three-year high of 3.203% hit on Monday.

Yields since lost some ground with Benchmark 10-year notes last up 5/32 in price to yield 2.9754% compared with 2.993% late on Tuesday. The 30-year bond last rose 21/32 in price to yield 3.0905%, from 3.129%.

But the 2-year note last fell 5/32 in price to yield 2.6967%, from 2.623%.

The Fed last week raised interest rates by 50 basis points and Chair Jerome Powell said two more such hikes were likely at the upcoming policy meetings. There has also been speculation in markets the U.S. central bank will need to move by 75 basis points at one meeting.

Morgan Stanley (NYSE:MS) forecasts 2022 global economic growth to be less than half of last year's at 2.9%, down from a previous estimate of 3.2%. The U.S. bank also cut its year-end target for the S&P 500 by 11% to 3,900 points, while raising its U.S. 10-year yield forecast by 55 bps to 3.15%.

Oil prices jumped on Wednesday after plunging nearly 10% in the last two sessions, buoyed by supply concerns as flows of Russian gas to Europe fell and the European Union worked on gaining support for a Russian oil embargo. [O/R]

U.S. crude recently rose 4.92% to $104.67 per barrel and Brent was at $106.91, up 4.34% on the day.

Spot gold added 0.7% to $1,851.30 an ounce.

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18-05-2022 13:44:12 (UTC+7)

EUR/USD

1.0521

-0.0026 (-0.25%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (7)

EUR/USD

1.0521

-0.0026 (-0.25%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (7)

GBP/USD

1.2444

-0.0046 (-0.37%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (0)

Sell (9)

USD/JPY

129.20

-0.19 (-0.15%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

AUD/USD

0.7018

-0.0011 (-0.16%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (7)

USD/CAD

1.2825

+0.0016 (+0.12%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (7)

Sell (1)

EUR/JPY

135.93

-0.55 (-0.40%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (3)

EUR/CHF

1.0474

-0.0003 (-0.02%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (6)

Sell (0)

Gold Futures

1,809.05

-9.85 (-0.54%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

Silver Futures

21.559

-0.191 (-0.88%)

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↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (9)

Copper Futures

4.2207

-0.0116 (-0.27%)

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↑ Sell

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Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

Crude Oil WTI Futures

110.19

+0.56 (+0.51%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (4)

Sell (4)

Brent Oil Futures

112.06

+0.13 (+0.12%)

Summary

Neutral

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (4)

Sell (4)

Natural Gas Futures

8.189

-0.125 (-1.50%)

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↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (6)

US Coffee C Futures

228.63

+3.83 (+1.70%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (2)

Sell (6)

Euro Stoxx 50

3,741.51

+56.17 (+1.52%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (10)

Sell (0)

S&P 500

4,088.85

+80.84 (+2.02%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

DAX

14,185.94

+221.56 (+1.59%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (8)

Sell (0)

FTSE 100

7,518.35

+53.55 (+0.72%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (6)

Sell (1)

Hang Seng

20,577.00

-25.52 (-0.12%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (8)

US Small Cap 2000

1,840.30

+56.87 (+3.19%)

Summary

Neutral

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (5)

Sell (3)

IBEX 35

8,475.70

+122.00 (+1.46%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (11)

Sell (0)

BASF SE NA O.N.

50.690

+1.395 (+2.83%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Bayer AG NA

64.12

+0.91 (+1.44%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

Allianz SE VNA O.N.

202.25

+3.43 (+1.73%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (10)

Sell (0)

Adidas AG

183.30

+3.24 (+1.80%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (9)

Sell (0)

Deutsche Lufthansa AG

6.827

+0.131 (+1.96%)

Summary

Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (4)

Sell (2)

Siemens AG Class N

116.50

+2.90 (+2.55%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (9)

Sell (1)

Deutsche Bank AG

9.538

+0.319 (+3.46%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

 EUR/USD1.0521↑ Sell
 GBP/USD1.2444↑ Sell
 USD/JPY129.20↑ Buy
 AUD/USD0.7018↑ Sell
 USD/CAD1.2825↑ Buy
 EUR/JPY135.93Sell
 EUR/CHF1.0474↑ Buy
 Gold1,809.05↑ Sell
 Silver21.559↑ Sell
 Copper4.2207↑ Sell
 Crude Oil WTI110.19Neutral
 Brent Oil112.06Neutral
 Natural Gas8.189↑ Sell
 US Coffee C228.63Neutral
 Euro Stoxx 503,741.51↑ Buy
 S&P 5004,088.85↑ Buy
 DAX14,185.94↑ Buy
 FTSE 1007,518.35↑ Buy
 Hang Seng20,577.00↑ Sell
 Small Cap 20001,840.30Neutral
 IBEX 358,475.70↑ Buy
 BASF50.690↑ Buy
 Bayer64.12↑ Buy
 Allianz202.25↑ Buy
 Adidas183.30↑ Buy
 Lufthansa6.827Buy
 Siemens AG116.50↑ Buy
 Deutsche Bank AG9.538↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,825/ 6,925
(0/ 0) # 1,852
SJC HCM6,825/ 6,925
(0/ 0) # 1,852
SJC Hanoi6,825/ 6,927
(0/ 0) # 1,854
SJC Danang6,825/ 6,927
(0/ 0) # 1,854
SJC Nhatrang6,825/ 6,927
(0/ 0) # 1,854
SJC Cantho6,825/ 6,927
(0/ 0) # 1,854
Cập nhật 18-05-2022 13:44:13
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Cập nhật lúc 13:36:56 18/05/2022
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