European futures and Asian stocks gained, as the tech sector led a risk-on rally ahead of key US data that may signal easing price pressures.
The Euro Stoxx 50 contract advanced 0.2%, as a rally in the world’s largest tech stocks lifted global shares to record highs.
The dollar fell against most major currencies ahead of the inflation data that might raise the chance of Federal Reserve interest-rate cuts, while US stock futures were steady.
The so-called core CPI, which excludes food and energy costs and is seen as a better measure of underlying inflation, is expected to rise 0.2% in June for a second month.
That would mark the smallest back-to-back gains since August — a pace seen as palatable for Fed officials. Swaps are pricing in two Fed cuts in 2024, with a strong chance of the first coming in September.
“June’s CPI report looks to be another ‘very good’ report that should boost the FOMC’s confidence about the inflation trajectory,” said Anna Wong at Bloomberg Economics. “That should set the stage for the Fed to start cutting rates in September.”
