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BENGALURU, June 14 (Reuters) - India’s retail inflation accelerated to 6.3% in May from a year ago, government data released on Monday showed. Rising crude prices and logistics costs have also led to higher prices, outweighing weaker demand pressures. The surge in inflation has been across all components including, food, fuel and core inflation. Inflation is definitely a concern and the RBI is likely to be perturbed by this. While the RBI will continue to focus on growth, it will have to finetune its inflation projection for FY22 sooner than later.”
Persons: SHASHANK MENDIRATTA, ” “, ” YUVIKA SINGHAL, ” RAJANI SINHA, KNIGHT FRANK INDIA, ” MADHAVI ARORA, ” SUJAN HAJRA, ANAND, ” KUNAL KUNDU, ” PRITHVIRAJ SRINIVAS, GARIMA KAPOOR, RUPA REGE, Organizations: IBM, NEW, Reserve Bank of, SOCIETE GENERALE, CPI Locations: BENGALURU, NEW DELHI, DELHI, WPI, MUMBAI, INDIA
Indian shares fall as Adani stocks weigh; CPI data eyed
  + stars: | 2021-06-14 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +1 min
FILE PHOTO: A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, India, December 11, 2018. REUTERS/Francis Mascarenhas/File PhotoBENGALURU (Reuters) - Indian shares on Monday retreated from record highs hit in the previous session, weighed down by Adani Group stocks, with investors awaiting consumer price inflation data (CPI) for May due later in the day. All Adani Group stocks, including Adani Enterprises Ltd and Adani Ports and Special Economic Zone Ltd, opened sharply lower after the Economic Times reported here that the National Securities Depository Ltd had frozen the accounts of three foreign funds that have a total investment of 435 billion rupees in Adani group companies. Investors now eye the CPI data, with a Reuters poll showing that the country’s retail inflation likely rose last month after a three-month low in April on higher food and energy prices. The central bank has assured that rising inflation will not last long enough to warrant a sooner-than-expected end to easy-money policies.
Persons: Francis Mascarenhas Organizations: REUTERS, Adani Group, BSE Sensex, Adani, Adani Enterprises, Economic, Ltd, Economic Times, National Securities Depository Ltd, Coal India, U.S Locations: Mumbai, India, BENGALURU, COVID, U.S . Federal
How the bulls and bears will interpret May's CPI report
  + stars: | 2021-06-13 | by ( Sam Rega | ) www.cnbc.com sentiment -0.94   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow the bulls and bears will interpret May's CPI reportConsumer prices jumped five percent in May, the fastest pace since the summer of 2008, according to the latest CPI report. Nicholas Colas, co-founder of DataTrek Research, explains the bull and bear perspective of these numbers and how this data compares to previous years.
Persons: Nicholas Colas Organizations: DataTrek
Spot gold had fallen 0.9% to $1,881.80 per ounce by 10:07 a.m EDT (1407 GMT). The dollar index rose 0.4%, reducing gold’s appeal to investors holding other currencies. Data on Thursday showed U.S. consumer prices rose sharply in May, but analysts say the spike is likely ‘transitory’ and therefore fears over the Federal Reserve policy tightening have ebbed. Automobile companies had likely already anticipated the impact of the global semiconductor shortage and replenished their inventories of autocatalyst metals platinum and palladium, limiting its impact on price, TD Securities’ Ghali said. Meanwhile, silver were up 0.6% at $28.14 per ounce, (Reporting by Nakul Iyer in Bengaluru; Editing by Kirsten Donovan)
Persons: Daniel Ghali, , Ghali, Jackson, Ole Hansen, Securities ’ Ghali, Nakul Iyer, Kirsten Donovan Organizations: CPI, Securities, Federal, Saxo Bank, Automobile Locations: India, China, Bengaluru
The won strengthened, while the benchmark bond yield rose. ** The benchmark index ended the week up 0.29%, extending the buying spree to a fourth straight week. ** The won ended at 1,110.8 per dollar on the onshore settlement platform, 0.45% higher than its previous close at 1,115.8. ** It rose 0.51% on a weekly basis, bouncing back from a 0.09% decline a week earlier. ** The most liquid 3-year Korean treasury bond yield rose by 1.3 basis points to 1.295%, while the benchmark 10-year yield rose by 2.5 basis points to 2.110%.
Persons: LG Chem, , Seo Sang, 1,110.7900, Joori Roh, Jihoon Lee, Rashmi Aich Organizations: Korean, U.S, U.S . Federal Reserve, Samsung Electronics, SK Hynix, LG, CPI, Mirae Asset Securities, Federal Reserve Locations: Korea, SEOUL, Korean, Wall
Dollar slips as currency traders see inflation spike as temporary
  + stars: | 2021-06-11 | by ( Reuters Staff | ) www.reuters.com + 0.00   time to read: +3 min
FILE PHOTO: U.S. one dollar banknotes are seen in front of displayed stock graph in this illustration taken February 8, 2021. Currency markets had been sluggish all week in anticipation of the data, but when it came in above expectations, there was little market reaction. The dollar index edged lower in the Asian session and at 0723 GMT, was down 0.1% on the day at 89.995. In Russia, the central bank is expected to raise its 5% interest rate by as much as 50 basis points - its third rate rise in a row. The central bank targets annual consumer inflation of 4%.
Persons: Dado Ruvic, Treasuries, , Bitcoin Organizations: REUTERS, Federal Reserve, CPI, UBS, European Central Bank, New Zealand, ECB, ING, ” ING, Fed, Seven Locations: Russia, Carbis
Dollar marooned as investors shrug off inflation spike
  + stars: | 2021-06-11 | by ( ) www.cnbc.com + 0.00   time to read: +3 min
The dollar bought 109.44 yen and was headed for a small weekly loss. It was also on track for modest weekly losses on the Aussie dollar and British pound, last trading at $0.7752 per Aussie and $1.41825 per pound. The U.S. dollar index fell slightly after the inflation figures were published and last sat at 89.974, down very slightly for the week. Benchmark 10-year U.S. Treasuries actually rallied to a three-month high in the wake of CPI, as short sellers quit bets on rising yields. Indonesia's rupiah gained about 0.4% to 14,187 per dollar as lower U.S. Treasury yields boosted the attraction of Indonesian bonds.
Persons: Chris Weston, we'd, Imre Speizer, Treasuries, Cryptocurrencies, bitcoin Organizations: U.S, European Central Bank, Pepperstone, Westpac, CPI, South Korean, Indonesia's, Treasury Locations: Asia, Melbourne, United States
The price of bacon has jumped 13% year-on-year, BLS data shows, and it rose 1.8% between April and May. Bacon is now 13% more expensive than a year ago, according to the latest data from the Bureau of Labor Statistics (BLS). The cost of bacon rose 1.8% between April and May, according to BLS data — this was a slower increase than March to April, when bacon prices jumped 3.4%. Over the past year, whole milk prices have risen 7.2%, beer 2.4%, and cigarettes 7.6%, the BLS data showed. The 5% year-on-year inflation was the strongest since August 2008, and beat economists' expectations.
Persons: Bacon, Burger, Popeyes, Jayson L, Lusk, Whiskey, Insider's Juliana Kaplan, Andy Kiersz Organizations: Bureau of Labor Statistics, Bloomberg News, Department of Agricultural, Perdue, BLS, CPI
One inflation chart could indicate when the rotation back into tech might begin
  + stars: | 2021-06-11 | by ( Keris Lahiff | ) www.cnbc.com sentiment -0.99   time to read: +1 min
The S&P 500 may be at fresh records, but the beaten-down tech sector has yet to break through to its own. That group had been punished by rising interest rates and inflation fears. "We're in the very early goings of summer here and we've seen triangle consolidation," Gordon told CNBC's "Trading Nation" on Thursday. Whether the index breaks higher or lower could depend on the next reading of the consumer price index, he added. And I think this is going to be very telling of if this rotation into interest rate sensitive and reopening sectors like financials, industrials and energy continues and inflation continues to go," said Gordon.
Persons: Todd Gordon, Gordon, CNBC's Organizations: Nasdaq, CPI
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMorgan Stanley: Once we got past a big risk event in the CPI data, investors decided it's time to start putting money to workMatthew Hornbach, global head of macro strategy at Morgan Stanley, says while many components in the CPI data, such as spiking used car prices, will be transitory, others could be more sustainable and worth watching by the Fed, including home prices and rent rates.
Persons: Morgan Stanley, Matthew Hornbach
The Fed could be facing a jobs headache in its inflation fight
  + stars: | 2021-06-11 | by ( Jeff Cox | ) www.cnbc.com + 0.00   time to read: +7 min
Those higher salaries in turn will trigger higher prices and could lead to the kinds of longer-term inflationary above-normal pressures that the Fed is trying to avoid. "Whatever is happening here, the Fed needs large numbers of these people to return to the labor force in the fall." In their most recent forecast, Fed officials put core inflation at 2.2% for all of 2021; Shepherdson said the current numbers suggest something closer to 3.5%. While LaVorgna sees inflation as staying relatively under control, he thinks the Fed could face problems from deflationary pressures. The central bank doesn't like inflation that's too low, as it creates a low-expectation cycle that constricts monetary policy during downturns.
Persons: Mike Blake, Ian Shepherdson, Shepherdson, Coursera, David Wilkinson, Wilkinson, Joseph LaVorgna, LaVorgna, Michael Pearce, Leah Millis Organizations: KB, Reuters, U.S . Labor Department, Pantheon, Fed, CPI, NCR, NCR Retail, Americas, National Economic Council, Treasury, University of Michigan, Capital Economics, Federal Reserve Board Locations: Valley Center , California, Atlanta, Natixis, Washington , U.S
TREASURIES-Traders rethink CPI message and send down yields
  + stars: | 2021-06-10 | by ( Ross Kerber | ) www.reuters.com + 0.00   time to read: +3 min
The benchmark 10-year yield was down 2.2 basis points at 1.4671% in afternoon trading, near its low for the session and the least since March. The trading moved down the part of the U.S. Treasury yield curve measuring the gap between yields on two- and 10-year Treasury notes, seen as an indicator of economic expectations. It was at 131 basis points, about 2 basis points lower than Wednesday's close and also its lowest since March. The 10-year TIPS yield was at -0.889% and the breakeven inflation rate was at 2.348%. The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was down less than a basis point at 0.1508%.
Persons: Ross Kerber, Andy Richman, Richman, Ben Jeffery, Chizu Nomiyama Organizations: Treasury, U.S . Labor Department, U.S . Federal Reserve, Sterling Capital Management, U.S, BMO Capital Markets Locations: U.S, York, Boston
MSCI’s benchmark, the S&P 500 and a key European index surged to record highs after the U.S. Labor Department said the consumer price index in the 12 months ended in May accelerated 5.0%, the biggest year-on-year increase since August 2008. In a sign of market complacency, the 10-year U.S. Treasury note’s yield fell 1.2 basis points to 1.4772% after earlier rising above 1.5% following the data’s release. On Wall Street, the Dow Jones Industrial Average rose 0.35%, the S&P 500 gained 0.45% and the Nasdaq Composite added 0.49%. A surprisingly strong U.S. inflation print in April spooked investors, sparking a cautious run into Thursday’s of May data. Short positions in Treasuries were the highest since 2018, according to JP Morgan positioning data last week.
Persons: Subadra Rajappa, ” Rajappa, Joseph LaVorgna, ” LaVorgna, , , MSCI’s Organizations: U.S . Labor Department, Treasury, Societe Generale, Americas, Dow Jones, Nasdaq, European Central Bank, Morgan Locations: New York, Natixis, U.S, Treasuries
After touching in early London trading its lowest level in one month at $1.4074, sterling rose 0.3% to $1.4155 versus the dollar at 1445 GMT. Versus the euro, the pound was 0.3% higher at 86.00 pence, after it touched a 10-day low of 86.42 pence against the single currency. The optimism in overall global growth typically encourages investors to bet on risky assets like sterling. Some analysts also suggested both the Federal Reserve and the ECB are not seen tightening their policy soon. The UK and EU exchanged threats on Wednesday in a standoff that could cloud a weekend international summit hosted by Britain.
Persons: Sterling, , Simon Harvey, Stuart Cole, ” Sterling, Maros Sefcovic, Jeremy Stretch, Joice Alves, Toby Chopra, Mark Heinrich Organizations: European Central Bank, ECB, FX, Monex, Federal Reserve, U.S, CPI, Equiti, European Union, Britain, European, CIBC Capital Markets Locations: London, lockdowns, U.S, Britain, Northern Ireland, EU
PRECIOUS-Gold shakes off losses to edge up after U.S. CPI data
  + stars: | 2021-06-10 | by ( Nakul Iyer | ) www.reuters.com sentiment -1.00   time to read: +2 min
* ECB keeps monetary policy unchanged* U.S. CPI rises 0.6% in May* ‘Transitory’ inflation may dim gold’s demand, analyst says (Recasts, adds comments, updates prices)June 10 (Reuters) - Gold prices reversed early losses to edge up on Thursday after data showed U.S. consumer prices increased more than expected last month. Spot gold was up 0.2% to $1,891.21 per ounce by 9:55 a.m. EDT (1355 GMT), having earlier hit its lowest level since June 4 at $1,875.89. U.S. gold futures dropped 0.1% to $1,893.30 per ounce. Data showed U.S. consumer prices increased further in May as the coronavirus pandemic’s easing grip on the economy continued to boost domestic demand. Silver rose 0.4% to $27.87 per ounce, palladium dropped 0.6% to $2,763.02, while platinum was down 0.8% at $1,141.19.
Persons: , Edward Moya, Moya, Carsten Menke, Julius Baer, Nakul Iyer, Eileen Soreng, Paul Simao Organizations: U.S, U.S . Federal, OANDA, Investors, European Central Bank Locations: U.S, Bengaluru
US STOCKS-Wall Street set for flat open as consumer prices jump
  + stars: | 2021-06-10 | by ( Ambar Warrick | ) www.reuters.com + 0.00   time to read: +3 min
(For a live blog on the U.S. stock market, click or type LIVE/ in a news window.) The Labor Department said its consumer price index increased 0.6% last month after surging 0.8% in April. The labor market and inflation are two key factors for the Fed to consider tightening, and while inflation has risen, recent payrolls data was underwhelming. A separate report on Thursday from the Labor Department showed the number of Americans filing for jobless claims fell less than expected last week. Focus was also on a major infrastructure spending bill, talks over which hit a deadlock in the Senate.
Persons: , Mark Grant, Ambar Warrick, Maju Samuel Organizations: Boeing, Dow, Nasdaq, Federal Reserve, Labor Department, CPI, Riley, Fed, Dow E, Clover Health, GameStop Corp, Securities and Exchange Commission, Reuters United Airlines, Airbus, Ocugen Inc Locations: Bengaluru
Wall Street set for flat open as consumer prices jump
  + stars: | 2021-06-10 | by ( Ambar Warrick | ) www.reuters.com + 0.00   time to read: +3 min
Morning sunlight falls on the facade of the New York Stock Exchange (NYSE) building after the start of Thursday's trading session in Manhattan in New York City, New York, U.S., January 28, 2021. REUTERS/Mike Segar/File PhotoU.S. stock indexes were set for a muted open on Thursday as a surge in consumer prices in May fanned fears of early policy tightening by the Federal Reserve, while another report showed the labor market remained under pressure. The Labor Department said its consumer price index increased 0.6% last month after surging 0.8% in April. A separate report on Thursday from the Labor Department showed the number of Americans filing for jobless claims fell less than expected last week. read moreFocus was also on a major infrastructure spending bill, talks over which hit a deadlock in the Senate.
Persons: Mike Segar, Mark Grant Organizations: New York Stock Exchange, REUTERS, Federal Reserve, Labor Department, CPI, Riley, Fed, Dow E, Nasdaq, Clover Health, GameStop Corp, Securities and Exchange Commission, Boeing, Reuters United Airlines, Airbus, Thomson Locations: Manhattan, New York City , New York, U.S
The Labor Department said its consumer price index increased 0.6% last month after surging 0.8% in April. The labor market and inflation are two key factors for the Fed to consider tightening, and while inflation has risen, recent payrolls data was underwhelming. ET, the Dow Jones Industrial Average (.DJI) was up 230.84 points, or 0.67%, at 34,677.98, the S&P 500 (.SPX) was up 27.27 points, or 0.65%, at 4,246.82. read moreAdvancing issues outnumbered decliners by a 2.55-to-1 ratio on the NYSE and a 2.17-to-1 ratio on the Nasdaq. The S&P index recorded 38 new 52-week highs and no new low, while the Nasdaq recorded 58 new highs and six new lows.
Persons: Mike Segar, Mark Grant, Scott Brown, Raymond James Organizations: New York Stock Exchange, REUTERS, Federal Reserve, Labor Department, CPI, Riley Financial, Fed, Dow Jones, Nasdaq, Clover Health, AMC, GameStop Corp, Securities and Exchange Commission, Boeing, Reuters United Airlines, Airbus, NYSE, Thomson Locations: Manhattan, New York City , New York, U.S, St . Petersburg , Florida
S&P 500 brushes off rising inflation to hit record high
  + stars: | 2021-06-10 | by ( Ambar Warrick | ) www.reuters.com + 0.00   time to read: +3 min
REUTERS/Mike Segar/File PhotoU.S. stocks rose on Thursday and the S&P 500 hit a record intraday high as investors juggled signs of a swift economic recovery with concerns over the Federal Reserve tapering its massive monetary stimulus. The S&P 500 (.SPX) hit a record high of 4,249.74. ET, the Dow Jones Industrial Average (.DJI) was up 123.39 points, or 0.36%, at 34,570.53 and the S&P 500 (.SPX) was up 18.18 points, or 0.43%, at 4,237.73. read moreAdvancing issues outnumbered decliners by a 2.55-to-1 ratio on the NYSE and a 2.17-to-1 ratio on the Nasdaq. The S&P index recorded 48 new 52-week highs and no new lows, while the Nasdaq recorded 72 new highs and nine new lows.
Persons: Mike Segar, Mark Grant, Christine Lagarde Organizations: New York Stock Exchange, REUTERS, Labor Department, CPI, Riley, Dow Jones, Nasdaq, European Central Bank, Clover Health, AMC, GameStop Corp, SEC, Boeing, Reuters United Airlines, Airbus, NYSE, Thomson Locations: Manhattan, New York City , New York, U.S
Yet April’s surprisingly strong U.S. inflation print spooked some, leading to a cautious run into the May numbers later on Thursday in case of another upside surprise. Ahead of both key events, market sentiment remained subdued with MSCI’s broadest gauge of global stocks flat at 715.77 points, just off a record high of 718.19 hit last week. U.S. stock futures pointed to a mixed open on Wall Street, with the S&P called flat and Nasdaq down 0.3%. Ankit Gheedia, BNP Paribas’ head of equity and derivative strategy for Europe, said he expected inflation to pick up “sharply” in the coming months. So we think there will be higher inflation during summer,” although stock volatility would likely remain low in the coming days, absent a shock on inflation.
Persons: April’s, Ankit Gheedia, Kit Juckes Organizations: Global, eyeing, Federal Reserve, European Central Bank, Nasdaq, BNP, , Morgan, Treasury, U.S, CPI, Reuters, , Generale, Brent Locations: eyeing U.S, COVID, Europe, Asia, Pacific, Japan, U.S, Treasuries, United States
Spot gold was 0.6% lower at $1,877.40 per ounce by 1153 GMT, having earlier hit its lowest level since June 4 at $1,875.89. The dollar index ticked up, making gold less appealing for those holding other currencies. However, upside gains may be capped by an appreciating dollar if inflation fears send U.S. Treasury yields climbing,” said Lukman Otunuga, senior research analyst at FXTM. Higher yields threaten gold’s appeal as an inflation hedge as they raise the opportunity cost of holding non interest-bearing bullion. Menke added that current price hikes are transitory and tied to the economic recovery, likely signalling weaker gold prices ahead.
Persons: , Lukman Otunuga, Ole Hansen, Carsten Menke, Julius Baer, Menke, Eileen Soreng, Nakul Iyer, Alexander Smith, Kirsten Donovan Organizations: Federal, Treasury, FXTM, Fed, Saxo Bank, Reuters, Weekly U.S, European Central Bank Locations: Bengaluru
Poland's central bank, however, kept rates on hold on Wednesday and did not deliver hints at a more hawkish bias, which some economists had expected. Markets were also keeping an eye on a European Central Bank meeting on Thursday, with its stimulus flow seen unchanged. Analysts said the Czech central bank (CNB) could still deliver a rate hike in June or August. Hungary meets on rates on June 22 and the Czech bank, a day later. Commerzbank said signals on future policy after Hungary raises rates would be important for the forint, and it remained cautious.
Persons: stokes, Commerzbank, ted, Jason Hovet, Anita Komuves, Alan Charlish, Ramakrishnan Organizations: National Bank of, European Union, European Central Bank, Erste Group Bank, PX, BUX Budapest, CRBEX, BELEX, nk Czech Locations: PRAGUE, Czech, Central, Hungarian, National Bank of Hungary, Central Europe, Hungary, PX Prague, Warsaw, CRBEX Zagreb, BELEX Belgrade, Sofia, Republic, Prague, Budapest
Britni Mann speaks with a potential employer during a job fair at Hembree Park in Roswell, Georgia, U.S. May 13, 2021. But the pent-up demand unleashed by the resumption of business operations is straining the supply chain and fanning inflation pressures. That would be the biggest year-on-year increase since September 2008 and follow a 4.2% rise in April. Though layoffs are abating, initial claims remain well above the 200,000 to 250,000 range that is viewed as consistent with healthy labor market conditions. The benefits being terminated early include a weekly $300 unemployment subsidy, which businesses say is discouraging the jobless from seeking work.
Persons: Britni Mann, Chris Aluka Berry, Jerome Powell, Sam Bullard Organizations: REUTERS, Labor Department, CPI, Thomson Locations: Roswell , Georgia, U.S, Wells, Charlotte , North Carolina, Florida, Texas
U.S. labor market recovery gaining steam; inflation heating up
  + stars: | 2021-06-10 | by ( Lucia Mutikani | ) www.reuters.com + 0.00   time to read: +6 min
Surging prices for used cars and trucks accounted about one-third of the rise in consumer inflation reported by the Labor Department on Thursday. The recovering labor market and accelerating inflation will have no impact on monetary policy. "As the cycle matures, these inflation pressures will subside owing to the structural forces that have kept inflation low for long." Excluding the volatile food and energy components, the CPI increased 0.7% after soaring 0.9% in April. Though layoffs are subsiding, initial claims remain well above the 200,000 to 250,000 range that is viewed as consistent with healthy labor market conditions.
Persons: Britni Mann, Chris Aluka Berry, Jerome Powell, Anu Gaggar, Sam Bullard Organizations: REUTERS, Labor Department, Commonwealth Financial Network, Reuters, Treasury, CPI, Fed, Thomson Locations: Roswell , Georgia, U.S, Wells, Charlotte , North Carolina, Florida, Texas
Reopening U.S. economy fuels inflation, labor market recovery
  + stars: | 2021-06-10 | by ( Lucia Mutikani | ) www.reuters.com + 0.00   time to read: +6 min
May's inflation drivers appear to be temporary, fitting in with Federal Reserve Chair Jerome Powell's repeated assertion that higher inflation will be transitory. "Areas not impacted by the pandemic are moderating the CPI rise. In another report on Thursday, the Labor Department said initial claims for state unemployment benefits fell 9,000 a seasonally adjusted 376,000 for the week ended June 5. Though layoffs are subsiding, claims remain well above the 200,000 to 250,000 range that is viewed as consistent with a healthy labor market. At least 15.3 million people were on unemployment benefits under all programs during the week ended May 22.
Persons: Jerome Powell's, Chris Low, Britni Mann, Chris Aluka Berry Read, Charlie Ripley Organizations: COVID, Federal, FHN, Reuters, CPI, REUTERS, Fed, Allianz Investment Management, Treasury, Employers, Labor Department, Thomson Locations: New York, Roswell , Georgia, U.S, California, Pennsylvania, Florida, Texas
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