Stocks rose overnight after new data raised hope that the Federal Reserve can bring down inflation without pushing the US economy into a recession. The consumer price index rose 3 per cent on a year-over-year in June. Economists polled by Dow Jones expected a 3.1 per cent increase. Month over month, the index rose 0.2 per cent last month, also less than forecasted. On top of that, core CPI - which strips out volatile food and energy prices - rose less than expected.
Goldman Sachs' economists are indicating the end of Federal Reserve tightening with a final rate hike in July, followed by unchanged policy for the rest of the year, as the report shows encouraging disinflation trends and mixed performance across categories.
Large technology firms, including Nvidia and Meta Platforms, saw their stocks rise by 3.5 per cent and 3.7 per cent respectively. Biotech company Recursion Pharmaceuticals experienced a significant 78 per cent surge after receiving a $50 million investment from Nvidia.
European markets closed higher. London's FTSE added 1.83 per cent, Frankfurt rose 1.47 per cent, and Paris closed 1.57 per cent higher. Turning to Asian markets, Tokyo's Nikkei fell 0.81 per cent, Hong Kong's Hang Seng gained 1.08 per cent and China's Shanghai Composite closed 0.78 per cent lower.
Gold added 1.27 per cent. Silver jumped 4.42 per cent. Copper gained 2.31 per cent. Oil added 1.23 per cent.
Dow Jones | 34,347.43 | +86.01 | +0.25% |
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US S&P 500 | 4,472.16 | +32.90 | +0.74% |
US Nasdaq | 13,918.96 | +158.26 | +1.15% |
UK FTSE 100 | 7,416.11 | +133.59 | +1.83% |
RECENT INDIAN OCEAN SECURITIES TRANSACTIONS
Balkan Mining Minerals Limited (ASX:BMM) | Mining Exploration Sector | IPO at $0.20 | Price Change from IPO Investment: + $0.175 / 85.50% |
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Smart Auto Australia Limited (NSX:SAL) | Electric Commercial Vehicles Sector | IPO at $0.10 | Price Change from IPO Investment: + $0.10 / 100% |
Azure Health Technology Limited (NSX:VTL) | Health Technology | IPO at $0.20 | Price Change from latest Investment entry: - 0.05 / 25% |
Albion Resources Limited (ASX:ALB) | Diversified Metals & Mining | IPO at $0.20 | Price Change from latest Investment entry: - $0.015 / 7.5% |
Sprintex Limited (ASX:SIX) | Auto Parts & Equipment | IPO at $0.086 | Price Change from latest Investment entry: - $0.013 / 15.12% |
Jadar Resources Limited (ASX:JDR) | Diversified Metals & Mining | Private Placement at $0.03 | Price Change from latest Investment entry : - $0.007 / 23.33% |
Krakatoa Resources Limited (ASX:KTA/KTAOC) | Gold Sector | Private Placement at $0.06 | Price Change from latest Investment entry : - $0.008 / 13.33% |
PYX Resources Limited (NSX:PYX) | Diversified Metals & Mining | IPO at $0.40 | Price Change from latest Investment entry: + $0.76 / 190% |
Cokal Limited (ASX:CKA) | Steel Sector | Funding at $0.04 | Price Change from latest Investment entry: + $0.036 / 90% |
Cyclone Metals Limited (ASX:CLE) | Steel Sector | Placement: at $0.0017 | Price Change from latest Investment entry: + $0.0073 / 429.41% |
Food Revolution Limited (ASX:FOD) | Packaged Foods & Meat | Placement at $0.035 | Price Change from latest Investment entry : - $0.0007 / 20% |
Synertec Corporation Limited (ASX:SOP) | Technology Sector | Placement at $0.023 | Price Change from latest Investment entry: + $0.077 / 334.78% |
Douugh Limited (ASX:DOU) | Wireless Telecommunications Services | Placement at $0.020 | Price Change from latest Investment entry: + $0.074 / 370% |
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Advanced Share Registry Limited published this content on 13 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 July 2023 07:40:06 UTC.