Global equities are set for a fresh record after a big tech-led rally in US gauges, with investors awaiting key inflation data for clues on the Federal Reserve’s policy.
European and US stocks futures ticked higher, while the MSCI All Country World Index extended its longest run since January. In the run-up to US consumer price index data, the S&P 500 shrugged off Jerome Powell’s signals that interest rates will be higher for longer and a mixed reading on producer inflation.
“Market sentiment hinges on tonight’s US CPI report,” said Kyle Rodda, a senior market analyst at Capital.com in Melbourne. “While promising, if it were to occur and represent a more than three-year low for core CPI, a greater downside surprise would be required to dispel fears about sticky and re-anchored inflation.”
A gauge for benchmarks in Asia gained after closing at a two-year high Tuesday, with Taiwan Semiconductor Manufacturing Co. leading the advance.
Shares in Japan ended little changed, while those in mainland China slipped. Hong Kong markets are closed for a holiday. The offshore yuan edged higher, mirroring gains in other China-economy sensitive currencies including the Australian dollar and Thai baht.
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