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Wall St closed higher overnight as stocks resumed the recent rally after key inflation data came in-line with expectations. The Dow Jones climbed 0.61%, the S&P500 traded 1.12% higher and the tech-heavy Nasdaq rose 1.54%. Investors took confidence in the slight rise in inflation through the latest CPI data, indicating core inflation rose 0.4% in February from January and 3.8% year-on-year, while the inflation rate in the US rose just 0.1% to 3.2% in February.
Over in Europe, markets closed higher in the region as investors responded to the latest US inflation data report. The STOXX600 rose 1% driven by automotive stocks while Germany’s DAX rose 1.23%, the French CAC added 0.84% and, over in the UK, the FTSE100 gained 1.02% on Tuesday.
British unemployment rate data came out yesterday indicated a rise to 3.9% for January from 3.8% in December and slowing wage growth which provide further supportive evidence for interest rate cuts to come.
Locally yesterday, the ASX ended Tuesday’s rollercoaster session 0.1% higher after a morning rally was overturned in midday trade by a US-inflation data fear driven sell off, before settling the day up 0.1%. Gains were led by the information technology and utilities sectors which rose 1.15% and 0.88% respectively. This was offset by the energy sector which lost 0.77%.
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