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Global Stocks and Bonds Edged Higher Ahead of Crucial US Inflation Report

(Bloomberg) — Global stocks and bonds edged higher ahead on speculation that a crucial US inflation report will show that price pressures slowed last month, cementing the view that interest rates have peaked.

EuropeÔÇÖs Stoxx 600 Index Added 0.2%

EuropeÔÇÖs Stoxx 600 index added 0.2%, with mining stocks led by a 4% gain in Glencore Plc after it agreed to buy a majority stake in Teck Resources Ltd.ÔÇÖs coal business for almost $7 billion. Vodafone Group Plc fell 1.7% after reporting weaker profits in southern Europe.

Equity Futures Also Rose

Equity futures also rose, with contracts on Nasdaq 100 advancing 0.3%. Treasury yields slipped two basis points to 4.61%. West Texas Intermediate futures climbed.

US Inflation Likely to Ease to 3.3%

US inflation probably eased to an annual rate of 3.3% in October from 3.7% in September, according to a Bloomberg survey of economists. However, core inflation which strips out energy and food costs, is predicted to be unchanged, implying slow progress toward the Federal ReserveÔÇÖs 2% inflation target.

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Main Moves in Markets

Some of the main moves in markets include:

Stocks

• The Stoxx Europe 600 rose 0.2% as of 10:01 a.m. London time
• S&P 500 futures rose 0.1%
• Nasdaq 100 futures rose 0.2%
• Futures on the Dow Jones Industrial Average were little changed
• The MSCI Asia Pacific Index rose 0.3%
• The MSCI Emerging Markets Index rose 0.2%

Currencies

• The Bloomberg Dollar Spot Index was little changed
• The euro rose 0.2% to $1.0718
• The Japanese yen was little changed at 151.69 per dollar
• The offshore yuan was little changed at 7.2988 per dollar
• The British pound rose 0.2% to $1.2303

Commodities

This story was produced with the assistance of Bloomberg Automation.

–With assistance from Jason Scott and John Viljoen.

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