Futures weaken before inflation data, bonds steady bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
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The S&P 500 weakened for a second day.
By Andreea Papuc and Emily Barrett, Bloomberg
12 May 2021 08:23
Image: Qilai Shen/Bloomberg
Stocks weakened Wednesday as investors awaited inflation figures that could reinforce the risk of higher price pressures derailing the economic recovery from the pandemic.
Most Asia stocks slid, along with US and European equity futures. Taiwanâs benchmark dropped as much as 8.6% on a tech rout and Covid-19 curbs, with margin calls exacerbating the selloff. An Asia-Pacific gauge was set for its lowest close since January. Nasdaq 100 futures underperformed after dip buyers helped the tech-heavy gauge to close roughly flat overnight. The S&P 500 weakened for a second day.
Gold wobbles after U S inflation comes in higher than expected bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
(Bloomberg) U.S. stocks slumped for a third day and bonds yields climbed after a report showed inflation rose more than forecast, adding to concern that price pressures will stifle a recovery in the world’s biggest economy. The tech-heavy Nasdaq 100 dropped to the lowest since March, while those for the benchmark S&P 500 also declined for a third day. The dollar remained higher, while Treasury yields rose after the consumer price index increased 0.8% from the prior month after a 0.6% gain in March. Excluding the volatile food and energy components, the so-called core CPI rose 0.9% from March. “The CPI data point feeds into a myopic narrative that the US is overheating and the Fed is one step away from tightening,” said Mike Bailey, director of research at FBB Capital Partners. “Bears will feast on this tightening theme in the short term, but my sense is inflation will prove fleeting and markets will revert back to a more bullish view of moderate growth and lower risk of Fed t