Asian stocks were mixed and European markets opened lower Tuesday ahead of a U.S. inflation update that traders hope will encourage the Federal Reserve to ease off plans for more interest rate hikes. London, Frankfurt and Hong Kong fell. Shanghai and Tokyo rose. Oil prices declined.
Asian stocks were mixed and European markets opened lower Tuesday ahead of a U.S. inflation update that traders hope will encourage the Federal Reserve to ease off plans for more interest rate hikes.Traders worry repeated rate hikes by the Fed and other central banks to cool inflation that is at multi-decade highs might tip the world into recession. They hope Thursday's report on U.S. consumer prices will show inflation moderating, reducing the need to slow economic activity further.
In early trading, the FTSE 100 in London lost 0.4% to 7,697.35. The DAX in Frankfurt shed 0.3% to 14,745.01 and the CAC 40 in Paris retreated 0.6% to 6,863.40. Despite trader optimism, Fed officials say rates will have to stay elevated for an extended period to extinguish upward pressure on prices. The Fed benchmark lending rate stands at a range of 4.25% to 4.50%, up from close to zero a year ago.
Forecasters expect Thursday's report to show inflation slowed to 6.5% in December from November's 7.1%. That is down from June's 9.1% peak but well above the Fed's 2% target.
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