Global Markets Mixed as Focus Shifts to Inflation Data
By Dow Jones Newswires StaffU.S. stock futures eased a touch Friday after key indexes closed at fresh record highs Thursday, buoyed by strong economic growth and a robust earnings season for corporate America. Focus now turns to the release of the personal-consumption expenditures index, the Federal Reserve's preferred measure of inflation. Federal Reserve Governor Christopher Waller on Thursday said he would back a 25 basis-point interest rate cut in September, with a bigger cut unnecessary based on current data. That gave a modest boost to the dollar. Meanwhile, Federal Reserve governor Lisa Cook sued President Trump on Thursday seeking to block his move to dismiss her.In Europe, flash estimate inflation data from major economies are in focus.U.S. futures for the S&P 500 edged down 0.1% and futures for the Dow Jones Industrial Average and Nasdaq fell 0.2% early in Europe.The pan-European Stoxx Europe 600 index eased 0.1% shortly after the open, reflecting a muted start to trading across major national markets. At the close in Asia, Japan's Nikkei 225 index fell 0.3%, whereas Hong Kong's Hang Seng gained 0.9%. South Korea's Kospi closed down 0.3%, for a 1.8% decline over the month. India's Sensex was up around 0.2%, recovering from Thursday's falls.The dollar was up modestly after Fed Governor Waller's comments, which came after second-quarter U.S. economic growth data were revised higher Thursday. U.S. core personal consumption expenditures price data are expected to show an uptick and remain too elevated to support a larger imminent rate cut, Commerzbank's Michael Pfister said in a note. The "downside potential for the dollar is likely to remain limited for the time being," he said. The DXY dollar index against a basket of major currencies was recently up 0.2% to 97.973.Bitcoin was last down 0.6% to $111,273, LSEG data show.U.S. Treasury yields were little changed, with the two-year yield flat at 3.634%, the 10-year yield up 1 basis point at 4.216% and the 30-year yield up 1.7 basis points at 4.888%, according to Tradeweb.Flash estimate inflation data from France, Spain, Italy and Germany land Friday, and could potentially move eurozone government bonds and the euro. Already in, French consumer-price inflation, harmonized to European Union standards, was 0.8% in August, slowing from a 0.9% annual rate in July, figures from France's statistics agency showed. In Spain, annual inflation held steady at 2.7%, according to that country's statistics authority.Oil prices slipped but were on track for a modest weekly gain as traders balance concerns over softer demand heading into the fall and risks of disruption to Russian supplies. Brent crude and WTI were both last down 0.6% to $67.57 and $64.19 a barrel, respectively, having settled higher in the previous session after Ukraine's attacks on Russian energy infrastructure.Write to Barcelona Editors at [email protected]