GLOBAL MARKETS-Wall Street mixed, dollar climbs ahead of inflation report

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* Dow lower, S&P and Nasdaq climb in early trading * Oil mixed amid Syria fallout By Tom Westbrook and Pete Schroeder LONDON/NEW YORK, Dec 10 (Reuters) - U.S. stocks opened mixed Tuesday and the dollar rose, as investors awaited fresh inflation data and further economic news later in the week. The Dow Jones Industrial Average .DJI was down 0.35% in early trading, while the S&P 500 .SPX rose 0.10% and the Nasdaq Composite .IXIC gained 0.66%. European shares lagged, failing to build on the previous day's gains driven by China stimulus hopes. The STOXX 600 .STOXX index was down 0.3%. The main scheduled events of the week are still to come, with U.S. inflation data due on Wednesday, and a meeting by the European Central Bank on Thursday. Investors will be closely watching Wednesday's consumer price index report for insight into the trajectory of U.S. inflation and ensuing Federal Reserve policy. A Reuters poll of economists found 90% anticipate a 25 basis point rate cut from the Fed at its Dec. 18 meeting. With an ECB rate cut all but certain, investors will be watching for clues about its policy path. Another boost to U.S. sentiment was a report showing small business confidence climbing to its highest level in nearly 3-1/2 years in November. Investors in emerging markets were also attuned to Brazilian President Luiz Inacio Lula da Silva undergoing surgery in Sao Paulo to drain a bleed on his brain linked to a fall at home in October. MSCI's world share index was down 0.14% .MIWD00000PUS , following news from China on Monday that top Communist Party officials had shifted their monetary policy stance from "prudent" to "moderately loose" ahead of the target-setting Central Economic Work conference this week, mirroring their response in previous crises. The Politburo meeting announcement "adopted (the) strongest tone in decades," said Chen Shujin, head of China financial and property research at Jefferies. Traders are also expecting rate cuts in Europe and Canada later this week and are leaning towards a 50 basis point cut in Switzerland as authorities may tap the brakes on the franc's relentless rise against the euro EURCHF= . U.S. 10-year benchmark Treasury yields were 2.5 basis points higher early on Tuesday. The dollar index =USD , which measures the greenback against a basket of currencies including the yen and the euro, rose 0.2%. Oil prices were mixed, as investors assessed the potential regional fallout from the overthrow of Syrian President Bashar al-Assad, but the China news gave some support. U.S. crude CLc1 rose 0.03% to $68.39 a barrel and Brent LCOc1 fell to $72.04 per barrel, down 0.14% on the day. Gold XAU= rose 1.15% to $2,689 an ounce while bitcoin BTC= fetched $97,940. GOL/ <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ World FX rates YTD http://tmsnrt.rs/2egbfVh Asian stock markets https://tmsnrt.rs/2zpUAr4 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Tom Westbrook in Singapore; Editing by Ros Russell and Bernadette Baum) (([email protected]; +65 6973 8284;))
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Published Date
10 Dec 2024 at 11:06 PM
Publisher
Refinitiv
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