© Archyde.com. FILE PHOTO: Traders work at the New York Stock Exchange (NYSE) in New York, United States. November 15, 2022. REUTERS/Brendan McDermid/File
By Sinéad Carew and Huw Jones
NEW YORK/LONDON, Jan 11 (Archyde.com) – Stocks on Wall Street rose following gains in Europe on Wednesday, as investors appeared to have some hope that US inflation and corporate earnings pointed to a resilient economy and a slower pace of interest rate rises.
* Longer-term Treasury yields fell a day before the release of US Consumer Price Index (CPI) data as the market bets inflation will follow a sustainable downward path that it could lead the Fed to at least slow down its rate hikes.
* The market expects the CPI for December to show annual inflation of 6.5%, down from 7.1% in November, and the data is considered a crucial signal for investors looking to anticipate the next steps of the Federal Reserve in its rate hike cycle.
* Current expectations are for a 25 basis point rate hike at the February meeting and another in March, after a 50 basis point hike in December.
* In addition, US earnings season unofficially kicks off on Friday with results from big banks such as Bank of America (NYSE:), JPMorgan Chase (NYSE:), Wells Fargo (NYSE:) y Citigroup (NYSE:) offer clues about the economic outlook.
* The Industrial Average rose 78.77 points, or 0.23%, to 33,782.87 units, he gained 20.12 points, or 0.51%, to 3,939.37 units and he added 89.97 points, or 0.84%, to 10,832.60 units.
* The pan-European index rose 0.42% and the MSCI index of global equities was up 0.53%. Emerging market stocks added 0.18%.
* In Treasuries, benchmark 10-year debt was down 4.9 basis points at 3.571%, from 3.619% on Tuesday. The 30-year bond fell 6.5 basis points to 3.689%, from 3.754% on Tuesday. The 2-year note was down 0.9 basis points to 4.2493%, from 4.258%.
* The was up 0.048% and the euro was up 0.15% at $1.075. The Japanese yen was down 0.15% against the greenback at 132.45 per dollar, while the pound was down 0.27% at $1.2122.
* The US was up 2.32% at $76.86 a barrel and the US was up 2.22% at $81.88. Among precious metals, spot gold futures were down 0.5% at $1,867.58 an ounce and US gold futures were up 0.20% at $1,875.40 an ounce.
(Reporting by Sinéad Carew in New York, Huw Jones in London and Ankur Banerjee in Singapore; Editing in Spanish by Ricardo Figueroa)