Global stocks edged higher on Wednesday as data suggested that U.S. inflation is cooling. Still, they remain on course for their worst monthly performance of the year. MSCI’s broadest index of global shares edged 0.2% higher during early trading amid increased Chinese measures to support investment and stimulate economic growth.
In Europe, the Stoxx 600 Index remained steady as investors gauged the most recent inflation reports from European nations. Spanish inflation rose 2.6% in August while Germany’s consumer prices rose 5.9% year-over-year. According to economists polled by Reuters, headline eurozone inflation is expected to have cooled from 5.3% in July to 5.1% in August, albeit still well above the European Central Bank’s 2% target. Asian markets rose by 0.35% following the positive news out of China, with Japan’s Nikkei index hitting a two-week high.
The euro fell by 0.2% against the greenback to $1.0858, while the yen declined by 0.4% to 146.48 per dollar. Against a basket of major currencies, the dollar index rose 0.15% to 103.68, partially reversing a 0.4% decline during the previous session.