Wall Street main indexes finished lower on Friday after data showing persistent U.S. inflation offset expectations of an easing in U.S.-China tensions after a call between President Joe Biden and China's Xi Jinping.
By Chris Prentice and Simon Jessop
"Headlines reflecting the highest annual producer price increases in decades won’t give those worried about inflation much comfort, but the smaller month-over-month increase and recent evidence indicating supply chain bottlenecks are no longer intensifying suggest a peak in producer inflation may be near," said Marc Zabicki, director of research for LPL Financial.
China shares rose 0.08%, giving a fillip to the region and lifting MSCI's World index, its broadest gauge of global stock markets 0.07%, on course to end a three-day losing streak. The pace at which central banks, especially the U.S. Federal Reserve and European Central Bank, choose to trim their economic support remains the driving force of market sentiment amid rising inflation concerns.Thursday's move by the ECB to trim bond purchases slightly is expected to be followed by the Fed later this year, according to some officials, despite a weak August U.S. jobs report.
Despite the prospect of reduced stimulus packages, Mark Haefele, chief investment officer at UBS Global Wealth Management, said he expected central banks to keep interest rates low. Against the broader risk-on backdrop, and despite persistent concerns around COVID infection rates, the greenback was up 0.1% against a basket of major peers.
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