100s of titles, one news app for just $10 a month.
Dive Deeper:
Stock markets jump before key US inflation data
London (AFP) - Stock markets rose solidly Wednesday as investors awaited the latest inflation print from the United States that…
Stock Market Volatile After Hot Inflation Report, As Apple, Techs Lag
The stock market remained volatile after the latest inflation report came in higher than expected, but indexes were mainly higher…
Stock Market Dips On Higher-Than-Expected Inflation; Oil Prices Resume Climb
The stock market fell Wednesday on higher-than-expected inflation as rising oil prices fueled the inflation fire.
Stock Market Falls As New Inflation Data Remains Heated; Nasdaq Set For A Bad Distinction
The producer price index rose 0.5% in April from March and 11% from the year-ago figure. The inflation rate slowed…
One subscription that gives you access to news from hundreds of sites
A Peek Into The Markets: US Stock Futures Gain; Inflation Data In Focus
Pre-open movers
Asian, European stocks down as inflation fears churn markets
Hong Kong (AFP) - Asian and European equities slumped on Thursday following Wall Street's lead, after a key US report…
Get all your news in one place
Latest Business news:
Paying to get paid: Young Zimbabweans trade money, sex for jobs
Experts say a series of monumental economic mistakes has led to acute unemployment and unethical recruitment in Zimbabwe
Read news from The Economist, FT, Bloomberg and more, with one subscription
Learn More
The rise, fall and rebirth of the shopping centre
The decline of bricks-and-mortar retail has been a catastrophe for malls. But landlords and local authorities are trying to ensure…
Sri Lanka defaults on debts for first time
Economists fear Sri Lanka could be first of several, with IMF in talks with Egypt, Tunisia and Pakistan
Meta won't build a dedicated metaverse after all, exec says
Nick Clegg, Meta's president of global affairs, published an 8,000 word essay about metaverse ideals.
Indonesia to lift palm oil ban on Monday amid global price spike
Indonesia will lift its ban on palm oil exports next week, President Joko Widodo said Thursday, relieving pressure on the…
From analysis to good news, read the world’s best news in one place
Recession fears, rising inflation spook global markets
London (AFP) - European and Asian markets took a beating Thursday after Wall Street suffered one of its worst batterings…
Twitter adds warning labels to false Ukraine war posts
San Francisco (AFP) - Twitter on Thursday said it will put warning labels on demonstrably false posts about Russia's war…

US stocks fall, oil rallies as inflation stokes market volatility

Persistent inflation has pressured US stocks throughout 2022, including Wednesday following a report showing a disappointing moderation in price increases. ©AFP

New York (AFP) - Wall Street stocks slumped and oil prices rallied Wednesday as markets churned with more volatility after a report showed US inflation moderated less than investors had been expecting.

With stocks under pressure for much of 2022, markets had been looking to the morning's US consumer price report in hopes that easing inflation would lower pressure on the Federal Reserve to hike interest rates.

While annual inflation slowed slightly in April, the month-over-month increase exceeded expectations.Overall, consumer prices are up 8.3 percent over the last 12 months.

"The key takeaway from the report is that it provided some leeway that suggests peak inflation might have been hit, but with the moderation not as significant as had been hoped, it also stirred concerns that inflation might stick at persistently high levels longer than anyone would like, including the Fed," said Briefing.com analyst Patrick O'Hare.

US stocks gyrated after the report, opening lower, then rallying, then turning retreating again, with losses accelerating later in the session.

All three major indices finished firmly in the red, with the Nasdaq slumping 3.2 percent behind big drops in Apple, Facebook-parent Meta and other tech names.

European stocks rallied, with London rising 1.4 percent.

Frankfurt and Paris gained more than two percent although the European Central Bank signaled for the first time that its first hike in interest rates from historic lows may come as soon as July.

Oil prices jumped around five percent amid ongoing worries over Russian energy supplies.

Ukraine said Russia had halted gas supplies through a key transit hub in the east of the country, fueling fears Moscow's invasion could worsen an energy crisis in Europe.

Ukraine pipeline operator GTSOU said in a statement that Russian state energy giant Gazprom had "stopped supplying gas" to the key Sokhranivka transit point

"Oil prices have remained choppy with prices rebounding strongly today from two-week lows as uncertainty remains about the timing of an EU ban on Russian oil imports," said Michael Hewson at CMC Markets.

Key figures at around 2050 GMT

New York - Dow: DOWN 1.0 percent at 31,834.11 (close)

New York - S&P 500: DOWN 1.7 percent at 3,935.18 (close)

New York - Nasdaq: DOWN 3.2 percent at 11,364.24 (close)

London - FTSE 100: UP 1.4 percent at 7,347.66 (close)

Frankfurt - DAX: UP 2.2 percent at 13,828.64 (close)

Paris - CAC 40: UP 2.5 percent at 6,269.73 (close)

EURO STOXX 50: UP 2.6 percent at 3,647.87 (close)

Hong Kong - Hang Seng Index: UP 1.0 percent at 19,824.57 (close)  

Shanghai - Composite: UP 0.8 percent at 3,058.70 (close)

Tokyo - Nikkei 225: UP 0.2 percent at 26,213.64 (close)

Brent North Sea crude: UP 4.9 percent at $107.51 per barrel

West Texas Intermediate: UP 6.0 percent at $105.71 per barrel

Euro/dollar: DOWN at $1.0515 from $1.0529 at 2100 GMT Tuesday 

Pound/dollar: DOWN at $1.2248 from $1.2316

Euro/pound: UP at 85.84 pence from 85.49 pence

Dollar/yen: DOWN at 130.00 yen from 130.45 yen

burs-jmb/hs

What is inkl?
The world’s most important news, from 100+ trusted global sources, in one place.
Morning Edition
Your daily
news overview

Morning Edition ensures you start your day well informed.

No paywalls, no clickbait, no ads
Enjoy beautiful reading

Content is only half the story. The world's best news experience is free from distraction: ad-free, clickbait-free, and beautifully designed.

Expert Curation
The news you need to know

Stories are ranked by proprietary algorithms based on importance and curated by real news journalists to ensure that you receive the most important stories as they break.

Dive Deeper:
Stock markets jump before key US inflation data
London (AFP) - Stock markets rose solidly Wednesday as investors awaited the latest inflation print from the United States that…
Stock Market Volatile After Hot Inflation Report, As Apple, Techs Lag
The stock market remained volatile after the latest inflation report came in higher than expected, but indexes were mainly higher…
Stock Market Dips On Higher-Than-Expected Inflation; Oil Prices Resume Climb
The stock market fell Wednesday on higher-than-expected inflation as rising oil prices fueled the inflation fire.
Stock Market Falls As New Inflation Data Remains Heated; Nasdaq Set For A Bad Distinction
The producer price index rose 0.5% in April from March and 11% from the year-ago figure. The inflation rate slowed…
One subscription that gives you access to news from hundreds of sites
A Peek Into The Markets: US Stock Futures Gain; Inflation Data In Focus
Pre-open movers
Asian, European stocks down as inflation fears churn markets
Hong Kong (AFP) - Asian and European equities slumped on Thursday following Wall Street's lead, after a key US report…
Get all your news in one place