Global stocks rose on Wednesday as cooler-than-expected inflation readings in the US and the UK have convinced investors that the US and UK central banks will bring their rate hikes to an end.
In New York, the S&P 500 advanced a further 0.3% after rallying 1.91% on Tuesday; its biggest daily rise since April. Futures on the Nasdaq 100 gained 0.3% while those on the Dow Jones Industrial Average rose 0.2%. In Europe, the Stoxx 600 index gained 0.6%, led by consumer product and mining stocks.
US prices were shown to drop by more than expected on Tuesday, while on Wednesday morning, UK inflation cooled by more than analysts projected. UK consumer prices rose 4.6% in October compared to last year, down from September’s 6.7% annual rise.